The e-commerce giant is actively working on creating a digital marketplace for non-fungible tokens (NFTs) while simultaneously undertaking exploratory study into the technology underlying blockchains.
Back in January, the cryptocurrency news outlet Blockworks published an article stating that the largest e-commerce in the world was going to create a digital assets venture that would involve NFTs.
A report from TheBigWhale states that Amazon is prepared to launch its NFT marketplace on the 24th of April.
About the Amazon NFT Marketplace
The Amazon NFT Marketplace is set to focus on linking NFTs to real-world assets. Reports from Blockworks indicate that customers will soon be able to purchase NFTs through the platform and have them delivered to their doorstep.
The digital marketplace will be called “Amazon Digital Marketplace,” and according to sources, it will initially offer access to about fifteen collections. Initially, the platform will only be available in the United States, but it will gradually be opened up to the rest of the world, including Europe.
Amazon’s entry into the NFT space is significant because it brings mainstream attention to this burgeoning market. The move also highlights the growing adoption of blockchain technology, which is the underlying technology that enables NFTs.
The AVAX native token might increase in value as Amazon’s NFT marketplace launches. Due to its prior cooperation with AWS, Avalanche became the first Layer 1 blockchain to work with the company in mid-January. This move was praised primarily as a plan to hasten the use of blockchain technology by businesses and governments.
The possibilities of Web3 are endless and are now being incorporated into existing business models. Web3 technologies are viewed as having the potential to open up new doors of opportunity and propel innovation across a wide range of different types of businesses and markets.
With Amazon entering the space, it is likely that we will see an influx of new buyers and sellers. The company’s massive user base and reputation for reliable service could bring a new level of trust and legitimacy to the NFT market.
In conclusion, Amazon’s NFT marketplace launch is an exciting development for the blockchain and NFT community, offering a mainstream platform for the buying and selling of NFTs linked to real-world assets. While the marketplace will initially be limited to the United States, it will eventually be opened up to the rest of the world. This move by Amazon further underscores the growing adoption of blockchain technology, and it is likely to attract a significant amount of attention from investors and collectors alike.
Rickie Sanchez is an article writer specializing in cryptocurrency news. Since late 2017, he has been actively investing in cryptocurrencies. He is enthusiastic about everything that has to do with crypto and he hopes that the readers of his articles in the years to come will gain a massive understanding of blockchain technology.