Amazon is reportedly preparing to launch an NFT marketplace that will allow customers to purchase non-fungible tokens tied to real-world assets that will be delivered to their doorstep.
The launch date of the NFT platform is still uncertain, with some sources suggesting it could be as early as April 24th, while others expect the launch to happen by May at the latest.
This move represents a significant step forward in the company’s efforts to develop its NFT platform, and the company plans to inform all of its Amazon Prime customers in the US about the initiative once it goes live.
As per the reports, Amazon is all set to introduce nearly 15 NFT collections on the day of its launch. These exclusive collections of NFTs will be accessible on Amazon’s official website by selecting the “Amazon Digital Marketplace” tab.
Amazon shoppers will be able to purchase NFTs tied to physical goods, such as fashion items, and pay with a credit card, similar to any other Amazon purchase.
The back-end blockchain technology that will be used for the platform is still unclear, and Amazon appears to be considering several different options for integration.
Amazon’s intention is to create a private blockchain, but it’s not clear whether that could be achieved via a fork of an existing protocol. It’s also uncertain whether an Amazon token will be part of the deal, with one source dubbing the setup as a “very walled garden.”
While Amazon has not yet integrated crypto payments on the platform at any substantial level, CEO Andy Jassy has expressed his belief that NFTs will continue to grow significantly, and that it’s possible that Amazon could sell NFTs in the future.
The world first heard about Amazon’s interest in exploring NFTs less than three months ago, and since then, rumors have continued to swirl about the new expected Amazon NFT marketplace.
Earlier this year, Amazon launched a partnership with Avalanche, although it remains to be seen whether Avalanche will continue to be the blockchain of choice for this new initiative.
The platform launch could be a game-changer for NFT engagement and utility, with reports suggesting that NFTs could be utilized in customer deliveries in what could be the largest “utility” play in NFTs to date.
Amazon’s move into the NFT space is a significant development and could be the biggest consumer brand to enter the space to date. The company has approximately 167 million Prime members in the US, which means it can onboard millions of users without educating them about self-custody and how to set up a MetaMask wallet.
However, some are skeptical about whether Amazon’s move into the NFT space is about building a long-term vision or just a short-term hype builder for the brand.
If Amazon enters the NFT space with a marketplace that allows for tokenized ownership of real-world assets, it could have significant implications for the broader NFT market. By integrating NFTs into its e-commerce platform, Amazon would be the first major retailer to recognize the potential of this technology for mainstream consumers.
While the details are still unclear, Amazon’s foray into the NFT market is a significant development that could have a major impact on the space.
If Amazon is successful in launching its NFT marketplace next month, it could lead to a new wave of interest and adoption of NFTs, with potential implications for the wider cryptocurrency industry.