Amazon, the world’s largest e-commerce company, is reportedly gearing up to enter the world of non-fungible tokens (NFTs) with the launch of its own Marketplace, which is slated for April 24.
According Yahoo finance, the new “Amazon NFT Marketplace” or “Amazon Digital Marketplace” will feature 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 newfound interest in NFTs began circulating in January. This new development would put a date to the rumor. The idea doesn’t seem so far-fetched, given that 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 the Amazon NFT Marketplace bring?
One of the coolest features of this marketplace is the ability to link NFTs to physical goods delivered to users’ doorsteps. Collectors can use their credit cards to purchase NFTs and receive their products at home, just like 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 declared that the retail giant can onboard millions of users without educating them on topics like self-custody or setting up a MetaMask wallet.
According to reports, Amazon has contacted several layer 1 blockchains, game companies, blockchain companies and other companies to collaborate on this project. They have also hired more staff and plan to employ various developers with proven expertise in Web3.
NFTs are now mainstream
As reported by CryptoPotato, more and more giants from different industries are turning to NFTs to boost 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 demands innovation.
According Dune analysisNike was the company that profited the most from the sale of NFTs, making nearly $186 million in revenue, followed by Dolce & Gabbana with $23.6 million.
While these numbers may represent a small amount of money compared to the sums earned by the two companies, they demonstrate that this is a growing niche that can be profitable if properly exploited.
Therefore, Amazon’s initiative could take NFT adoption to another level. The company has a massive subscriber base of around 167 million users to its Prime service, who will be the first to receive Marketplace launch information directly from the company.
How does it compare to OpenSea?
OpenSea is currently the second largest NFT marketplace; even though Blur recently took its place, the “OG” NFT marketplace has accounted 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 shopping process and provide users with a seamless experience. However, it remains to be seen how the new Marketplace will compare to existing platforms like OpenSea in terms of features, user experience, and sales volume.
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