Amazon Goes Prime on NFTs

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Today we cover:

• Doodles floor price sinks on Flow announcement

• Amazon goes Prime on NFTs

• New and interesting projects

• Today's Coolest Tweets

Doodles Floor Price Sinks On Flow Announcement

The top traded NFT collection today is Doodles, a digital collectible/PFP project. It announced that it will be building its mainstream product, Doodles 2, on Flow blockchain instead of Ethereum.

This led to a flurry of selling activity from collectors who had strong reservations against this move to Flow — some even said that Flow was a chain where "assets go to die". We think that Flow is a mainstream-friendly blockchain with an easy sign-up process via email. It is positioning itself as the preferred blockchain for large brands and Fortune 500 companies, so we like the move.

(Chart: Doodles Floor Price from Blur.io)

Amazon Goes Prime On NFTs

💲 What to know: Amazon is reportedly launching its NFT initiative in spring 2023. This is part of its digital assets enterprise which includes L1 blockchains, exchanges, and gaming startups.

☘️ In the weeds: This initiative appears to be coming out of Amazon directly, instead of Amazon Web Services (AWS). As a quick primer, Amazon's main business lines comprise 3 main areas:

• It's flagship E-commerce platform (Amazon.com)

• Subscription services (Amazon Prime)

• Cloud computing (AWS)

Some have speculated that Amazon customers will be able to play Web3 games and earn free NFTs. Others believe that Amazon might get into selling NFTs directly, pointing out that its CEO once said that he could see the company selling NFTs "down the road".

🤑 Why it matters: Amazon is by far the largest E-commerce company in the world by revenue. Let's take a look at some numbers:

• $469 Billion in revenue across all its divisions

• 197 Million monthly active users on its app

• 57% share of all E-commerce sales across the US

If Amazon decides to get into the NFT marketplace business, OpenSea is going to start sweating buckets. As a comparison — 2.5 million users have interacted with OpenSea in its entire lifetime. Few will be able to withstand the might of the Amazon machine especially when it brings its existing customers and distribution channels along with it.

We think that Amazon will likely start by announcing a number of partnerships with existing Web3 teams — Games, Digital Collectibes/PFPs, and Infrastructure startups. Watch for this soon.

New & Interesting NFT Projects

🍿 (Collectibles) The watchers on Premint

🍿 (Collectibles) Get your soulbound token on The Disco Ball

🍿 (Fashion) Claire Silver collaboration in Q2 2023

🍿 (Music) LoudPunx Free Mint

Today's Coolest Tweets

🐥 Are there real use cases for crypto?

🐥 You might be able to get a 14-day refund on your NFTs

🐥 Lessons from a Game Dev

🐥 Get your TreasureTags today

🐥 Finder tool for new Open Editions

🐥 VeeFriends teases upcoming roadmap

That's it for today folks, see you tomorrow. If you want more, follow us on Twitter (@the_metadata). And if you aren't already a subscriber, join us now to get all the daily alpha you need.

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Disclaimer: This newsletter is for educational purposes only. None of this is financial or investment advice. It is not a solicitation to buy or sell any assets. Minting and buying NFTs is risky. Please do your own research.