AMAZON IS STARTING ITS OWN NFT MARKETPLACE
GM, We are the Crypto Jargon.We’re like that first sip of Chai on a Wednesday morning. Deep breath in... deep breath out... ahhhhhh.
Here’s what we’ve got for you today:
Amazon is launching an NFT marketplace
Binance once tried to hire current SEC Chair Gary Gensler to advise on regulations
NFTs down meanwhile ETH up
Meme of the day
AMAZON IS STARTING AN NFT MARKETPLACE
Jeff Bezos has gone from launching rockets to launching NFT marketplaces.
Amazon revealed yesterday that they will launch their new NFT marketplace on April 24. Only Americans will be able to purchase items from the marketplace, which will initially only offer 15 NFT collections.
Also, there are rumours that Amazon will enable customers to purchase NFTs linked to physical assets. The Milk Man, for instance, will be able to purchase NFTs that are linked to the cool Kirkland sweatpants he purchases from Amazon. (Look it up; it's called fashion)
The "Amazon digital marketplace" tab on Amazon's website will provide you access to the market. NFTs may only be purchased with a credit card and an Amazon account.
So, what’s the big deal? Amazon is the 5th largest company in the world with a $970B market cap (bigger than any other company that has entered the NFT space).
They have over 300m active users and 58% of them are between the ages of 25-44. The perfect age for an NFT degen…
And check it out. Last year, Prime Day did $12b in revenue. That’s 50% of the entire NFT market’s trading volume for all of last year.
The hope is Amazon’s new marketplace will onboard millions of users to NFTs. But after similar flops from Coinbase, Gamestop, and others… time will tell.
Binance once tried to hire current SEC Chair Gary Gensler to advise on regulations
The Securities and Exchange Commission chairman was approached by Binance in 2018 and 2019 while he was teaching at the Massachusetts Institute of Technology according to a Wall Street Journal report based on messages and documents from 2018 and 2020, as well as interviews with former employees of US SEC
Gensler, the former chairman of the Commodity Futures Trading Commission, was approached by the crypto firm in 2018 and 2019 while he was teaching at the Massachusetts Institute of Technology, the Journal reported.
Messages from Binance's executives seen by the newspaper indicate that Ella Zhang, then head of Binance’s venture investing arm, and Harry Zhou, co-founder of Binance-invested firm Koi Trading, met with Gensler in October 2018. After Gensler declined the advisor position, Zhou wrote in the chat:
“I observe that while Gensler declined advisor-ship, he was generous in sharing license strategies.”
NFTs down ETH up
“Baby are you down down down Dooooowwwwwwn Dooooowwwwwwn “
This ol’ school Jay Sean song hits hard for NFT bros right now.
The reason?
Top NFT collections’ floor prices are heading down 🔻 since the market crash in June 2022.
Collections like:
🦍 Bored Ape Yacht Club
🦉 Moonbirds
🛹 Azuki
Are down between 20-60% in the past 8 months.
In this time, ETH (the currency in which the floor is priced)is down by only 5%. 🥶
So, who’s to blame for this floor price collapse?