- It’s one of the most anticipated launches experts believe could massively benefit the sector.
- Upstart NFT platform Blur recently overtook dominant OpenSea.
Having the world’s largest e-commerce platform, Amazon, launching a marketplace for trading non-fungible tokens, or distributing NFTs, has been a subject of speculation in the crypto space for quite some time. The speculations have been increasing, with sources claiming it could be as soon as next month.
According to reports, April 24 is rumoured to be the date Amazon would debut its NFT initiative, including a marketplace dubbed Amazon NFT Marketplace or Amazon Digital Marketplace. Unnamed sources claim the platform could first be launched in the US and gradually rolled out globally. An email blast would be sent to Amazon Prime customers – estimated at 170 million in the US – before or after the launch.
Amazon has been exploring multiple ways to enter the Web3 ecosystem, including forging partnerships with blockchains like Avalanche. The retailer’s approach to launching the platform remains unclear – whether through a private blockchain or fork of an existing one.
How Amazon’s entry into the NFTs could boost the industry
Amazon’s foray into NFTs is expected to be significant. Considering its user base of more than 300 million customers and more than 1.9 million selling partners, it could be a big boost for the industry. It would also put the retailer in direct competition with OpenSea and upstart marketplace Blur, which recently overtook the former in trading volumes, thanks to a zero-fee marketplace and a native tokens airdrop.
The sources privy to the matter say that the marketplace could be based on Amazon Proper, not the web hosting platform Amazon Web Service (AWS). The Washington-based e-commerce firm has been hiring web3 experts as seen in a recent job posting for a web3 global program manager.
If the rumours are anything to go by, pundits argue that Amazon’s NFT marketplace would be the largest utility NFT platform for customers to buy collectables tied to their deliveries. The launch is also expected to include gaming-themed NFTs on the proprietary live-streaming platform Twitch.
Also backing the speculations are the comments by Amazon’s CEO, Andy Jassy, who recently lauded NFTs as digital assets with the potential for significant growth. The executive added that the retailer could integrate crypto payments in the future.