Amazon Wants to Onboard 167M Users to Web3

TL;DR

• It took Ethereum ~6 years to reach 167M wallets, and there’s a rumor Amazon want to do that overnight.

• The Amazon wallet will supposedly be added to US-based Prime member accounts, and integrate with the credit card they already have on file.

• Apparently Amazon wants to give customers the ability to buy NFTs tied to real-world assets, that are then delivered to their doorstep.

• E.g. The first 100 people to by ‘product x’ get a limited edition NFT.

• Our guess is, the end goal will be to have NFT rewards lower ‘buying decision’ times and increase purchase frequency across Amazon.

Full Story

Remember ‘poking’ on Facebook?

You’d ‘poke’ a friend, and they’d get notified in a separate little feed within their home screen (e.g. ‘Seb just poked you’).

That was it. That was the ‘poke’ feature in its entirety.

No one knew the functionality was coming to Facebook, it just showed up on everyone’s profile one day…

This is kind of like that…although, users might actually like this feature.

Sources are telling Blockworks that Amazon is looking to quietly equip its 167M US-based Prime members with a Web3 wallet, ahead of its NFT ecosystem launch.

The rumor is users won’t need to set anything up, or buy any crypto to use/collect NFTs on Amazon – the wallet will simply be added to their account, and integrate with the credit card they already have on file.

One source told Blockworks:

“They can onboard millions of users without educating people about self-custody, without educating people how to [set up] a MetaMask wallet,”

Which is big. HUGE, in fact.

As a reminder: it took Ethereum ~6 years to reach 167M wallets.

Amazon want to do that overnight. VERY cool!

…but what will these NFTs actually do for Amazon and its users?

Word on the street is Amazon wants to give customers the ability to buy NFTs tied to real-world assets, that are then delivered to their doorstep.

Ok…that answers the what/how of it all. But why would Amazon customers want this?

Here’s our best guess of how it will all go down, in five parts:

1. NFTs are used to encourage purchases on Amazon – e.g. The first 100 people to by ‘product x’ get a limited edition NFT.

2. No one cares.

3. Slowly but surely, stories start to surface about Prime members flipping their limited edition NFTs on the secondary market.
   (Similar to the Starbucks Odyssey collectibles, that are now selling for $2K a piece).

4. FOMO kicks in → user adoption starts to rise.

5. The end result? NFT rewards lower ‘buying decision’ times and increases purchase frequency across Amazon.

The really exciting part:

You know how Facebook steals any successful feature launched by its competitors?

If Amazon proves this Web3 integrated commerce model, every major retailer is going to want to ‘pull a Facebook,’ and copy them.