Bracing to compete with Blur and OpenSea, e-commerce giant Amazon has reportedly planned April 24 as the launch date of its NFT marketplace. Reports indicate the new ‘Amazon NFT Marketplace’ or ‘Amazon Digital Marketplace’ shall offer 15 NFT (non-fungible tokens) collections (accessible initially only to the United States customers). Amazon’s NFT marketplace would then reportedly be accessible to other countries, as well.
Amazon’s interest in NFTs became apparent from January onwards. Andy Jassy, CEO, Amazon, said in April 2022 that Amazon is inclined towards selling NFTs “in the distant future.”
The NFT marketplace of Amazon would have an exciting feature. Users would reportedly be delivered physical goods at their specified delivery location owing to linked NFTs. It is reported that collectors would be able to utilize their credit cards to buy NFTs and get purchased products delivered to their doorstep.
By venturing into the NFT space, Amazon aims to simplify NFT purchases by removing usual problems faced by customers when accessing the crypto space. Amazon intends to let users experiment with its proposed technology without delving into the complex mechanics. Sources from Amazon have reportedly revealed that Amazon is capable of onboarding millions of users swiftly without lecturing them on self-custody or MetaMask wallet configuration.
Per reports, to initiate its NFT ambitions, Amazon got in touch with various Layer-1 (L1) blockchains, gaming and blockchain entities for project collaboration. Amazon has also hired new staff and employing developers with proven web3 expertise is also on its agenda. As per Dune Analytics, Nike profited approximately to the tune of $186 million in revenue from its own sale of NFTs, whereas Dolce & Gabbana earned $23.6 million.
Amazon’s NFT initiative could bring about a paradigm shift in NFT adoption, given that Amazon’s Prime service subscriber base is close to 167 million users. At present, OpenSea is the second-largest NFT marketplace with $3 billion in sales since launching in 2017.
