The rumor of Amazon entering crypto is heating up again as the trillion-dollar giant nears the launch of its own NFT marketplace.
The marketplace will reportedly be available to US customers directly through the main Amazon website, giving users the ability to trade NFTs using just a credit card.
My first question: which tech stack are they building on? Follow Coinbase and build an Ethereum L2? A Cosmos app chain? Revitalize Solana or Avalanche with a dedicated NFT marketplace?
The current set of circulating rumors leads me to believe that Amazon will build on ImmutableX, an Ethereum ZK rollup that aims to scale NFTs.
As one of the largest public companies in the world, the injection of Amazon's brand and user experience certainly has the potential to reshape the NFT market. Will they continue the trend of relatively useless profile picture NFTs, or will they play a key role in the evolution of NFTs into something more meaningful?
The ImmutableX token, IMX, could greatly benefit from the compounding narratives of Amazon + L2s. If you think a corporate titan like Amazon could become a prolific NFT marketplace, IMX at an FDV of $2.1B seems attractive. For comparison, Blur also sits at an FDV of $2.1B.
Of course this is not financial advice, merely my speculation.
- Dan Smith
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