Amazon jumps into Web3

February 01, 2023

Happy Hump Day,

Welcome to another edition of The Scoop. Your Weekly newsletter that delivers Web 3 information on point!.... like amazon!

The Big Scoop

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…on we go…

Crypto prices are bouncing all around but over the last week, generally up… It seems like investors are hoping there’s a light at the end of the tunnel! But it’s not just because of that, it’s also because some major institutions are implementing blockchain and signalling wider adoption during a time when the average Web3’er probably isn’t checking in as often.

Amazon wants to move into gaming and NFTs. They’re currently talking to Layer 1s about it and hope to launch something by spring. Remember that time when Reddit sold millions of NFTs to people without telling them they were buying NFTs?

Amazon can help push adoption forward in a way that is familiar to Amazon users, even though many of them may not know that much about NFTs. Kind of like how Reddit sold millions of profile avatars as NFTs without users having to access crypto wallets or blockchains directly. Exciting stuff!

In other news, sitting in a boring lineup to register for a car and licensing information is about to get easier in California thanks to their partnership with the Tezos blockchain. Put this under the “registration” use case for NFTs!

The News

Amazon is Moving into Web3

Amazon is planning to launch a digital asset enterprise with an NFT initiative expected this spring, according to sources. Amazon has been approaching industry leaders such as layer-1 blockchains, blockchain-based gaming startups, and digital asset exchanges. The focus is on blockchain-based gaming and related NFT applications.

One of the initiatives being considered is to have Amazon customers play crypto games and receive free NFTs. The effort is still in development, but the company plans to make its crypto ambitions public in April. The entrance of Amazon into the crypto space is seen as significant by industry players. Amazon executives reached out to a family office to discuss an NFT drop with an undisclosed artist.

The NFT platform will be run by Amazon, rather than its web-hosting platform AWS. Amazon has been exploring other Web3 initiatives, but the extent of its Web3 ambitions and end goals are unclear. The company's CEO has stated he is open to selling NFTs and not closing the door to cryptocurrencies.

A successful launch could be a threat to leading NFT marketplaces OpenSea and Rarible. It’s also worth noting that AWS recently partnered with Ava Labs, the company behind the Avalanche blockchain… Get your popcorn!

California’s DMV is Going to Use Tezos Blockchain to Handle Registrations

The California DMV is testing the digitization of car titles and transfers using a private Tezos blockchain as part of a collaboration with Tezos and blockchain firm Oxhead Alpha. Oxhead Alpha has been tasked with building a "shadow ledger" private Tezos testnet for the DMV, which will eventually serve as a blockchain replica of the agency's current database.

The DMV's chief digital officer hopes to have the shadow ledger running within the next three months and then plans to offer digital wallets for NFT car titles with the DMV acting as a supervisor.

The DMV's blockchain initiative, which aims to modernize its paper-based systems, will address transaction fraud and help track the history of vehicles. Tezos was chosen due to its responsible consensus, on-chain governance, and institutional-grade security.

This move by the California DMV is likely to be followed by others in the state as Governor Gavin Newsom signed an executive order in May 2022 to explore blockchain opportunities in state government agencies.

Chart.

Here is a sad reminder of how bad 2022 was :(

Fundraising In Web3.

Here’s a breakdown of the estimated $219 million that got poured into Web3 over the past week or so… “I keep it comin in, I keep that $$$ comin in” - Web3

Education.

Welcome to the Study Space, where we make your brain feel like it can keep up with A.I.🤖🧠…here’s this week’s homework.

Ever wonder how private keys and signing work in Web 3? Private keys and signing play a crucial role in securing transactions in decentralized systems. They enable users to securely access and control their digital assets without relying on middle men! From signing messages to executing smart contract transactions, understanding the mechanics behind private keys and signing is essential for participating in the Web 3 ecosystem. Dive into this article and learn more… you’ll thank yourself when you’re a Web3 expert!

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The Final Scoop

Despite the ups and downs of the crypto market, it's crucial to keep in mind that the value of cryptocurrencies and blockchain technology is not solely determined by price movements. Instead, it is the advancements in infrastructure and development that ultimately drive long-term growth and success.

Companies like Amazon and Tezos are actively working to build and improve upon these technologies, and the continued infusion of investment capital into the space serves as a testament to its potential for growth. It is important not to be discouraged by the volatile market and to stay committed to the vision of a decentralized and interconnected Web3. It is this progress in development and innovation that will propel the industry forward and deliver lasting value to its stakeholders.

So don't lose faith just because of some short-term market turbulence, instead, keep your focus on the bigger picture and the exciting possibilities that Web3 holds for our future.

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