Amazon AWMGPT AVMGPT is hitting the news, announcing that Amazon is starting their crypto currency, Amazon wallet, and digital marketplace, which is expected to launch this year. With Bitcoin growing above its Height of $69.000 and Ethereum back to climbing towards $4.000, we are right at a significant market, with the last one being back in 2021. We had rumors for a while that Amazon would eventually launch its cryptocurrency, and it’s now in full motion, starting with the first stage, the exclusive pre-sale.
Amazon’s foray into cryptocurrency
During the pre-sale, 1 AMZ is valued at 1 USD, and you can purchase the tokens with a strong bonus, based on your purchase volume, up to 100%. While these bonus tokens have to remain locked for at least one year, it’s still a powerful deal as customers get a low entry price and additional tokens only at this pre-sale.
So what’s planned with the AMZ Token, and what will it be used for? Amazon’s goal is to shift more towards digital currencies being used as payment methods within Amazon stores and for its services, e.g., running web servers on its AWS system. A “tokenized approach” has several advantages for the company and the customer. The customer advantage is that they can purchase products at any Amazon store for 10% cheaper, which should be appealing to most. The token will also be mainly used in the new digital marketplace, which is expected to launch later this year.
In addition, the Amazon wallet can be used to hold these tokens, exchange or swap them, or likely enable staking features in the future. It is only available for pre-sale participants as these customers will be called “Early founders,” which might bring other benefits to the digital marketplace.
Implications for the crypto market
The digital marketplace will feature any type of digital product, such as art, music, and probably NFTs, allowing creators easy access to a large audience for selling these. While this is partially already found on the common Amazon website, this marketplace will differ from the current e-commerce system and have its backbone.
It is fair to ask how, if Amazon steps into cryptocurrencies, the other big Fortune 500 companies will add to that. Chances are that Elon Musk’s X, formerly known as Twitter, will be next in line to release their cryptocurrency, or Mark Zuckerberg’s Meta. But whoever comes next, it’s a main advantage that Amazon has been stepping in first and providing this solution to the customers.
It’s not without any risks for the company, as other projects have failed before in the crypto scene, but their experience and large budgets should have a huge impact in preparing this project for the long term. We are excited to see how the next years will develop. We believe this is a foundation to finally open the cryptocurrency space to the mainstream, getting even those interested who never had any interest in it. Crypto can’t be excluded in 2024 or the years to come; that’s what we take out of this.
