Here’s when Amazon plans to launch NFT Marketplace
Amazon, the world’s largest e-commerce company, is reportedly preparing to enter the world of non-fungible tokens (NFTs) with the launch of its own Marketplace, reportedly scheduled for April 24.
According to Yahoo Finance, the new ‘Amazon NFT Marketplace’ or ‘Amazon Digital Marketplace’ will offer 15 NFT collections that will initially be available to customers in the US. The company is expected to expand the service to other countries in the future.
The reports of this new interest in NFTs began to circulate in January. This new development would put a date on the rumor. The idea doesn’t seem so far-fetched, considering Amazon CEO Andy Jassy said in April 2022 that the company was open to selling non-fungible tokens (NFTs) “in the distant future.”
What will Amazon NFT Marketplace bring?
One of the most interesting features of this marketplace is the ability to link NFTs with physical goods delivered to users’ doorsteps. Collectors can use their credit cards to buy NFTs and receive their products at home, just like a regular purchase.
The initiative aims to simplify NFT purchases and eliminate the natural complexity of the crypto world, allowing users to experiment with the technology without understanding its mechanics.
An anonymous Amazon source interviewed by Blockworks stated that the retail giant can onboard millions of users without educating them on topics such as self-storage or setting up a MetaMask wallet.
According to the reports, Amazon has contacted several Layer 1 blockchains, game companies, blockchain companies and other businesses to collaborate on this project. They have also hired more staff and plan to hire various developers with proven expertise in Web3.
NFTs are now mainstream
As reported by The crypto potato, more and more giants from various industries are turning to NFTs to boost their sales. From sports companies such as Adidas, Puma and Nike to luxury fashion companies such as Dolce & Gabbana and Gucci, they have all launched their NFT collections to stay competitive in an industry that demands innovation.
According to Dune Analytics, Nike is the company that has benefited the most from the sale of NFTs, with revenue of almost $186 million, followed by Dolce & Gabbana with $23.6 million.
Although these figures may represent a small amount of money compared to the sums earned by both companies, they show that there is a growing niche that can be profitable if exploited in the right way.
Therefore, Amazon’s initiative could take NFT adoption to another level. The company has a massive subscriber base of approximately 167 million users to its Prime service, who will be the first to receive market placement information directly from the company.
How does it compare to OpenSea?
OpenSea is currently the second largest NFT marketplace; although Blur recently took its place, the “OG” NFT marketplace accounts for over $3 billion in sales since its launch in 2017. The platform allows anyone to create, sell and discover NFTs. Besides Blur, the platform competes with other marketplaces including Nifty Gateway, Rarible and SuperRare.
Amazon’s NFT Marketplace aims to simplify the NFT buying process and offer users a seamless experience. However, it remains to be seen how the new Marketplace will compare to existing platforms such as OpenSea in terms of functionality, user experience and sales volume.
