Here's when Amazon reportedly plans to launch its NFT Marketplace

Here's when Amazon reportedly plans to launch its NFT Marketplace

Amazon, the world's largest e-commerce company, is reportedly preparing to enter the world of non-fungible tokens (NFT) 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 United States. The company is expected to expand the service to other countries in the future.

Reports of this new interest in NFTs began circulating in January. This new development would give a date to 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 does the Amazon NFT Marketplace bring?

One of the most interesting features of this marketplace is the option to link NFTs to physical goods that are delivered to users' doorsteps. Collectors can use their credit cards to purchase NFTs and receive their products at home, just like with a regular purchase.

The initiative aims to simplify NFT purchases and remove the natural complexities of the crypto world, allowing users to experiment with the technology without understanding its mechanics.

An anonymous Amazon source interviewed by Blockworks said the retail giant can onboard millions of users without educating them on topics like self-custody or setting up a MetaMask wallet.

According to the reports, Amazon has contacted several Layer 1 blockchains, gaming companies, blockchain companies and other companies 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 byCryptoPotato, more and more giants from various industries are turning to NFTs to increase their sales. From sportswear companies like Adidas, Puma and Nike to luxury fashion companies like Dolce & Gabbana and Gucci, they have all launched their NFT collections to stay competitive in an industry that requires innovation.

According to Dune Analytics, the company that has benefited the most from NFT sales is Nike, with nearly $186 million in revenue, followed by Dolce & Gabbana with $23.6 million.

Although these numbers represent a small amount of money compared to both companies' revenues, they show that it is a growing niche that can be profitable with appropriate leverage.

Therefore, Amazon’s initiative could take NFT adoption to another level. The company has a huge subscriber base of about 167 million users of its Prime service, who will be the first to receive information about the launch 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. In addition to Blur, the platform competes with other marketplaces including Nifty Gateway, Rarible and SuperRare.

Amazon's NFT Marketplace aims to simplify the NFT purchasing process and provide users with 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.

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