Amazon gives money to Web3 space in a $20 Million round

Amazon has joined the growing list of tech giants investing in the Web3 space, with its recent participation in a $20 million funding round for Superplastic, a Web3-friendly studio that specializes in creating digital characters and collectibles.
The funding round was led by venture capital firm Andreessen Horowitz, and also included participation from other notable investors such as Polychain Capital and Founders Fund.

Amazon and the funding

Superplastic was founded in 2018 by Paul Budnitz, the creator of Kidrobot, and Huck Gee, a renowned designer, and illustrator. The studio has gained a following for its vibrant and quirky digital characters, which are created using cutting-edge 3D technology. Superplastic’s characters and collectibles are distributed on various Web3 platforms, including OpenSea, Immutable X, and Binance NFT Marketplace.

The investment from Amazon is seen as a significant endorsement of the potential of the Web3 space. Amazon has traditionally been a leader in the e-commerce industry, but the company has been increasingly exploring the potential of blockchain technology and cryptocurrency. With this investment in Superplastic, Amazon is signaling its interest in the emerging digital collectibles market, which is seen as a key application of blockchain technology.

Superplastic’s founders have expressed their excitement at the investment, stating that it will allow the studio to expand its operations and create even more innovative and engaging digital characters and collectibles. They also emphasized their commitment to the Web3 space and their belief that blockchain technology has the potential to revolutionize the world of art and collectibles.

The investment in Superplastic is part of a larger trend of tech companies investing in Web3 startups and projects. This trend has been driven by the growing interest in blockchain technology and its potential applications in various industries. With its decentralized and transparent nature, blockchain technology is seen as a way to disrupt traditional business models and create new opportunities for innovation and growth.

The digital collectibles market, in particular, has emerged as a key application of blockchain technology. Digital collectibles, also known as non-fungible tokens (NFTs), allow creators to monetize their digital creations and give collectors a new way to invest in art and other collectibles. NFTs have gained significant attention in recent years, with high-profile sales of NFT artworks and other digital assets making headlines around the world.

The investment in Superplastic is also significant because of the studio’s focus on creating Web3-friendly characters and collectibles. Superplastic’s creations are designed to be compatible with various Web3 platforms, making it easier for collectors to buy and sell them on different marketplaces. This focus on interoperability is seen as a key factor in the growth of the digital collectibles market, as it allows for greater liquidity and accessibility for buyers and sellers.

Conclusion

In conclusion, Amazon’s investment in Superplastic is a significant endorsement of the potential of the Web3 space and the digital collectibles market in particular. With its investment in Superplastic, Amazon is signaling its interest in the emerging Web3 market and its belief in the potential of blockchain technology to disrupt traditional business models.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing