- Amazon is set to debut its NFT Marketplace next month.
- Projections are growing about the competition it will provide to existing players like OpenSea.
American multinational retail service firm, Amazon.com Inc is on track to launch its own Non-Fungible Token (NFT) marketplace as it seeks to deepen its foothold in the digital currency ecosystem. While the report is now being widely circulated, the e-commerce giant has not come out to confirm or deny its plans.
According to details gleaned thus far, the new NFT marketplace is billed to go live by the 24th day of April and it was revealed that the firm has 15 digital collections that will be featured upon debut. The new marketplace will offer the same kinds of unique artwork but will lower the barriers to entry for a number of new users.
What's coming from #Amazon?
– Launching April 24, 2023.
– 15 NFT collections at launch
– purchase with Amazon Account
– or using a credit card.
– partnered with AVA labs AVAX
– partnered with Chainlink
— Crypto Hawkeye (@CryptoHawkeye1) March 7, 2023
With several niches currently evolving in the crypto ecosystem, NFT has been one of the most intriguing and worth mentioning, the most controversial around. Taking various forms, NFTs can be a picture that was minted on the blockchain to create a verifiable source or a music clip that is stored on the chain.
NFTs were pioneered on the Ethereum protocol with the emergence of collections like CryptoPunks a few years back and today, they are some of the core focus for top layer-1 and 2 protocols around today.
The Amazon NFT marketplace launch was also reportedly made possible with the firm’s partnership with the Avalanche (AVAX) protocol. Users will be able to purchase the NFTs using credit or debit cards, a move that will significantly bring ease and lower the barriers to entry for most users.
In legacy NFT marketplaces, access to digital collectibles is often done with the aid of digital currencies, showcasing the dependence of the niche on the parent innovation. With the current shift from Amazon, more users may eventually find the offering more enticing.
Amazon NFT marketplace to provide tough competition
For Amazon to get involved in NFT trading, then the likes of dominant players like OpenSea, Blur, Rarible, and Magic Eden amongst others will need to sit up tight.
Amazon is a company with advanced technological solutions hinged on several aspects of its businesses including its Cloud Infrastructure. In terms of scalability, the company already has an upper hand as it currently plays host to hundreds of millions of users around the world shopping from its website.
Amazon has millions of customers most of whom may trust the firm in making their inaugural entry into the Web 3.0 and crypto ecosystem. With known collaborations with Web 3.0 firms like Chainlink, Amazon’s resolve to gain a foothold will largely threaten the businesses of existing players in this regard.
While Amazon will have to deal with the concerns surrounding regulations from the United States Securities and Exchange Commission (SEC) as it concerns the offering of securities, proponents in the digital currency ecosystem are already regarding this as a major win as it will bring awareness to the industry at large.