Featured Story Amazon Goes Crypto: Why the Retail Giant is Dabbling in NFTs Amazon's entry into the NFT market opens up a world of possibilities for digital goods, from fashion to games and subscriptions. With their global reach, established brands, and cloud infrastructure, Amazon is positioned to revolutionize the sale and distribution of digital assets. This move also positions them in the lucrative digital wallet and payment industry and could result in significant ad revenue. It remains to be seen if this will be a "DOPE"
or "NOPE" move for the retail giant.
Amazon's entry into the NFT (non-fungible token) market is a logical step for the retail giant, given the numerous advantages it presents. The NFT market, which involves the creation and sale of unique, one-of-a-kind digital
assets, has exploded in popularity in recent years, and Amazon's entry is expected to shake things up significantly. First, Amazon's global reach and vast customer base give it an advantage in scale. It is well-positioned to become a major player in the NFT market, attracting both established and new brands. The move also opens up a new market for Amazon, which has traditionally been focused
on physical goods. Second, selling digital goods through NFTs is significantly cheaper than shipping physical goods. There's no need to warehouse, store, or insure goods, and returns are much less capital-intensive and less of a drain on free cash flow. In addition, restocking is expensive and labor-intensive, but with digital goods, there is no such hassle. Third, Amazon already has a strong cloud infrastructure in place, which makes it well-equipped to handle the capacity required for NFT sales. The company can also take a platform fee or royalty share from each NFT sale, providing a new source of revenue. Fourth, Amazon's entry into the NFT market will likely expand
the market to include not just digital fashion and accessories but also games, subscriptions, and other digital goods that can be imported into any metaverse platform. This could lead to significant new advertising revenue for Amazon. Finally, Amazon's entry into the NFT market opens up opportunities for the company to get into the digital wallet and payments business, which is already a
lucrative market. This might be cause for concern for PayPal, though it is likely to remain a partner with Amazon as an alternative payment system for now. Amazon's entry into the NFT game has the potential to offer consumers a "one stop shopping" experience for all of their digital goods, from fashion and accessories to games and subscriptions. These digital items can then be easily
imported into any metaverse platform, providing convenience and accessibility to users. Overall, Amazon's entry into the NFT market presents numerous advantages and opportunities, making it a strategic move that is likely to benefit the company in the long run. Whether Amazon will become too big remains to be seen, but for now, the future looks bright for the retail giant in the NFT
space.
Catherine D. Henry SVP Web3, Metaverse Strategy · Media.Monks |
NEWS DIGEST FIVE STORES YOU MUST KNOW TODAY
1) The trend of "fractional" CMOs, where companies hire part-time Chief Marketing Officers instead of full-time employees, has become increasingly popular in recent years. Richard Sanderson, leader of marketing, communications, and sales practice at executive search firm Spencer Stuart, stated that short tenure as a CMO does not equate to failure and many CMOs
who left their jobs from 2019 to 2021 have gone on to similar or bigger roles. Companies are attracted to the idea of fractional CMOs for the flexibility and cost-saving opportunities it offers. Staffing firm Chief Outsiders has worked with over 1,550 companies and has seen 25% revenue growth in the past year. Fractional CMOs can be an attractive option for smaller companies or those that are rapidly growing and looking to be smart about staffing. 2) Robert Glazer, author of several books and a renowned speaker, reflects on his own journey from a relatively average high school and college student to becoming a successful CEO and entrepreneur. He points out that the pressure placed on today's youth to be overachievers and excel in all aspects of their lives has created a generation of "excellent sheep" who lack the
drive, energy, and resilience to succeed in the real world. Robert believes that life is a marathon, not a sprint, and that students should focus on consistency and the big picture rather than pushing themselves to the limit in their early years. This approach, he argues, is supported by the 20-mile march concept from Jim Collins' book "Good to Great," which suggests that consistent, measured progress leads to better outcomes in the long run. Robert cautions against the current trend of burning
out young adults, as this leaves them unprepared for inevitable setbacks, failure, and a demanding professional life. READ MORE 3) The
Arena Group Holdings, a content delivery company that works with brands such as Sports Illustrated, TheStreet, Parade, and Men’s Journal, has formed partnerships with two AI firms, Jasper and Nota. The purpose is to enhance AI-assisted content workflows, including video creation, newsletters, sponsored content, and marketing campaigns. The Arena Group plans to integrate Jasper’s product suite and API to build generative AI processes. An example of this technology in action is seen with
Men’s Journal’s use of Jasper's platform for its Men's Fitness section, where it leveraged 17 years of archives to produce articles with strong page views and revenue performance, resulting in a workflow efficiency increase of over 10 times. According to Ross Levinsohn, CEO and Chairman of The Arena Group, AI will never replace journalism but can create enterprise value for its partners. 4) Alphabet, the parent company of Google, reported disappointing revenue growth of just 1% in the last quarter, missing expectations in most areas. YouTube, in particular, earned $7.96 billion in ad revenue, below the expected $8.25 billion, due to a pullback in spending by advertisers and the challenging economy. In contrast, Amazon's advertising business fared much better, earning $11.56 billion and growing 19%, beating expectations.
Although Apple hasn't reported its advertising revenue, it's expected to show positive results due to its privacy regulations. The disappointing results from Alphabet and Apple, along with last week's Meta report, suggest a challenging market for big tech. However, smaller players such as Amazon and TikTok may have the opportunity to grab a bigger share of the advertising pie, making now a good time to increase ad spend while costs are low. 5) Microsoft plans to launch a new version of Bing with a chatbot interface powered by OpenAI’s GPT-4 technology. Bing will use GPT-4 to generate human-like responses to search queries, but with real-time information and sources cited. The move aims to challenge Google’s dominance in the search market and capitalize on Microsoft's investment in OpenAI, which provides exclusive rights to
use OpenAI's AI models in Microsoft products. Microsoft CEO Satya Nadella wants OpenAI's chatbot technology integrated into almost all commercial products, including Office and cloud software. The integration of GPT-powered tools is a major focus of Microsoft's conversations with customers. 6) Fox Sports has sold out all its Super Bowl LVII
ad inventory. 30-second ads went for between $6 million and $7 million, with most sold out by September last year. The sale of the last 5% was delayed due to rising inflation and the recent downfall of the cryptocurrency industry, which caused the previous "Crypto Bowl" to not have any advertisers in the category this year. Anheuser-Busch is the biggest advertiser with three minutes of national time, but other dominant categories include packaged foods, movie studios, streaming
services, automotive, and tech. The Super Bowl will also be live-streamed on Fox Sports website and app. 7) The Federal Trade Commission (FTC) is considering filing an antitrust lawsuit against Amazon, though the exact target and timing of the case is uncertain, according to The Wall Street
Journal. The lawsuit could challenge Amazon's business practices as anticompetitive. FTC Chair Lina Khan has criticized Amazon's acquisitions and use of internal third-party sales data. The FTC began its investigation of Amazon under former Republican Chairman Joseph Simons when Donald Trump was president. Amazon has been accused of favoring its own products and discriminating against outside sellers on its platform. The company reached a settlement with the European Union in three
antitrust probes last year, but a lawsuit by California, alleging that Amazon forces third-party merchants to agree to policies that lead to higher prices for consumers, is still ongoing. |
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Interpol wants to Police Metaverse. The metaverse is a virtual world that is not yet fully realized, but it’s gaining traction and Interpol is taking notice. The global
police agency has built its own virtual reality (VR) space to investigate the potential for crime in the metaverse and to determine how it could be policed. Interpol Secretary General Jurgen Stock says that it’s important for the agency not to get left behind. Criminals are quick to adapt to new technological tools, and Interpol must be ready to respond. Mr. Stock notes that sometimes lawmakers and police
are slow to respond, which can impact trust in the metaverse. READ FULL STORY |
Martha Stewart Enters the Metaverse. Oreo, the famous cookie brand under Mondelēz International, is taking its latest limited-edition cookie “The Most Oreo Oreo” to the metaverse with the help of
celebrity chef Martha Stewart. The brand has created “Oreoverse,” a virtual realm within Meta’s Horizon Worlds, where consumers can play mini-games for the chance to win various prizes, including a grand prize of $50,000. READ ENTIRE STORY
Meta, the parent company of Facebook and Instagram, remains focused on improving the monetization of its short-form video content platform Reels. Despite continued user engagement, the company noted that Reels’ path to profit is still a work in progress.READ FULL STORY
CNET No Ethics?Once a trusted source for tech news and product reviews, CNET has lost its ethical compass since being acquired by Red Ventures in 2020. Former CNET employees paint a picture of a
company where the lines between advertising and editorial are constantly blurred, and where standing up for journalistic integrity has led to consequences for staff. READ MORE
Inside the Advertising Sectors Abusive Hiring Process. Stories of job interviews gone wrong are not uncommon. Candidates often find themselves subjected to rude and hostile behavior from potential employers, leaving them feeling trapped and obligated to stick it out until the end. But why do job seekers put up with such treatment during what should be a two-way assessment? READ MORE OF THIS STORY |
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