Amazon is reportedly launching NFT Marketplace next month
Platform will likely not support cryptoassets
Rumors are swirling that Amazon plans to launch an NFT marketplace in April. But critics reject claims that the platform will only accept credit and debit cards.
Amazon will reportedly launch 15 NFT collections alongside its marketplace on April 24, according to anonymous sources cited by Big Whale. The report went on to say that the marketplace will be available as a tab on Amazon’s main website titled Amazon Digital Marketplace.
The platform will initially be available to US-based customers before it is rolled out internationally. The report also says the launch of the marketplace was delayed twice in the wake of FTX’s high-profile collapse last November.
Many analysts suggest that Amazon launching an NFT marketplace could be an important tool for bringing in new web3 users.
“Amazon has more than 310 million active customers worldwide,” tweeted Waleswoosh, a crypto influencer. “If just 1% of them show interest in the new digital marketplace, our space will grow x-fold overnight.”
No support for digital assets
But skeptics point out that Amazon will reportedly not support crypto-assets on the platform.
“Users will only be able to purchase NFTs using CREDIT CARDS,” so AlexIsBuilding, a web3 developer. “Amazon has no intention of accepting cryptocurrency or wallets like Metamask in the foreseeable future.”
On Tuesday, Blockworks reported that Amazon will produce physical goods linked to many of the NFTs that customers can have delivered to their doorsteps, also citing anonymous sources. The report said shoppers will be able to “purchase a fashion-oriented NFT attached to a pair of jeans.”
In January, Amazon partnered with Ava Labs, the team behind the Avalanche Layer 1 blockchain, to offer AWS services to developers.
NFT Market Rebounds
The news comes as the NFT market begins to show signs of recovery.
NFTs experienced explosive growth in 2021, with daily volume on OpenSea, the leading NFT marketplace, peaking at $185 million in early January. But floor prices quickly evaporated for many gatherings as the 2022 bear market set in, with daily activity on OpenSea reaching below $4 million last November.
However, $2 billion worth of NFTs shifted during February, the highest monthly volume since last May, according to DappRadar. This figure marks an increase of 117% month on month.
OpenSea facilitated $587 million in trades, trailing the upstart’s competitor Blur, which hosted $1.3 billion as traders scrambled to increase their airdrops of BLUR tokens.
DappRadar also noted that OpenSea led Blur in unique wallets by 227%, with 317,000 traders using the platform last month.
