Amazon Enters Web3

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Here is the breakdown of today's newsletter:

🛍️ Amazon Jumps Into Web3👜 Louis Vuitton NFT collection

• There was a massive Cryptopunk sale yesterday (857 ETH / $1.4 Million for Cryptopunk #5066). See the zombie punk sale here.

• Pro Fortnight gamer Mongraal is on the top of the leaderboards for the Dookey Dash BAYC game that concludes tomorrow.

• Today a BAYC sale also topped the charts (800 ETH / $1.3 Million for BAYC #7090). See the epic sale here.

• Will Amazon provide the massive onboarding push the Web 3 space needs? (article)

• Hermes fashion has sued Metabirkins, a project of digital handbags akin to the company's own designs. (@MetaBirkins)

• Open Editions are a hot commodity right now in the NFT space, almost to the point of over-saturation. Still, artists have made a killing with these sorts of releases. (NY)

• The FBI recently seized millions worth of stolen assets from a well-known crypto scammer, including a Doodle and a Bored Ape. (CT)

• Mastercard just launched their crypto rewards card alongside Binance Brazil. Bitcoin is largely popular in the country, and Mastercard sees promising potential with the idea. (RS)

• The DMV will be utilizing the Tezos blockchain soon, which may bring to life ideas like vehicle title NFTs. (CN)

Amazon Enters Web3 🛍️

Drum roll, please…. Papa Bezos is making his entry into Web3! While this has been speculated for some time, we are finally starting to see this initiative come to life, with the release being “scheduled” for spring of this year. Amazon still has not released many details regarding this digital enterprise, but we do know that it focuses on blockchain-based gaming and related NFT applications. One such venture is the idea of Amazon customers playing games to earn free NFTs. While elementary, when combined with the sheer user count of Amazon, the possibilities are endless. And that’s just the surface level of Amazon’s goals for Web3 integration, according to sources within the company.

Back in April of last year, Amazon’s President and CEO Andy Jassy said, “I expect that NFTs will continue to grow very significantly.” While he doesn’t indulge in NFT collecting, he understands that there’s a market for it, which the mega company could capitalize on. Amazon Web Services (AWS) also recently announced a partnership with Ava Labs, the team behind the Avalanche blockchain. This venture focuses on giving “enterprises and institutions eager to work with blockchains” the ability “to launch Avalanche nodes directly within AWS in support of their dApps.”

💡 The DropThe crypto market is at the point where companies are starting to test the viability of integration within their own businesses. We have seen it for some time, but we haven’t talked about the initiatives that started back in 2022 and haven’t been talked about in the media since. Now, and in the next coming months, we’ll see these plans go to fruition, thus possibly ushering in new collectors and holders, and kicking off a bull cycle like never before. Or it could just be another half-assed attempt at being a part of Web3. But it’s Amazon, so we expect the former. WAGMI.

Louis Vuitton Digital Collectable Collection 👜

Companies and conglomerates have been entering the Web3 ecosystem in creative ways, with last year ushering in a majority of the big players in the space. But the mint price of these projects has been the barrier to entry a majority of the time. The idea of “utility vs. price” has come up more often than not. And if you thought Porsche’s mint cost of 0.911 ETH was astronomical, buckle in your belt because this is going to knock you off your seat.

As announced yesterday, Louis Vuitton is planning on releasing 10,000 NFTs in collaboration with famous Japanese artist Yayoi Kusama. While we don’t have a firm mint price, experts are speculating the cost to be upwards of 4 ETH, based on the brand’s image and liking, and also in comparison with other luxury brand NFTs of this caliber. Details still remain bleak but what we do know is that buyers will be able to convert their NFT into a physical Kusama product, featuring her iconic dot design. This design has been seen for decades, including being plastered on walls inside and outside of buildings. Kusama’s work has been seen by millions, without them even knowing it was hers.

💡 The Drop Since its takeover by Bernard Arnault, Louis Vuitton has taken leaps to be a part of the culture, collaborating with artists to show the vision of the luxury brand in a different set of eyes. With their first collaboration back in 2012, Louis Vuitton is continuing this collection with Kusama, just in a different form and method. All of this brings us back to Damien Hirst, and his burn mechanism. If done properly, it can work like magic. We’re excited to see what Louis Vuitton creates, and how they become a part of the greater puzzle that we call Web3. WAGMI.

Sponsored Content: There is no sponsored content in this newsletter.

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• Project Breakdown: Checks by Jack Butcher

Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.

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