Amazon, an e-commerce giant that has been in business for years now, is in a race to launch its first NFTs platform as of April 2023. In the beginning stages of the Beta release of the platform, it will only be available for Amazon users within the USA but plans are in motion to eventually open it up to other market places in the rest of the world including Europe. This feature will be made available on Amazon’s online website under the tab Amazon Digital Marketplace.
According to released information, this major step has been in the books but had been postponed twice partly due to the collapse of FTX which threw the crypto marketplace into a turmoil leading to investors losing confidence in projects related to blockchain as well as slow adoption of the technology from the spooked and skeptical blockchain community.
This comes as many companies, big and small, are in a hurry to get into the NFTs blockspace since timing is a crucial factor in ensuring the companies capture a sizeable market share and capitalize of the NFTs hype while it is at a recent peak.
Amazon has since settled on April 24th as the new date to launch this platform.
Amazon CEO Andy Jassy, who has shown confidence in the growth of NFTs has in the past stated that NFTs will continue in the upward trajectory of positive significant growth. He has also expressed the probability of crypto being added as a payment mechanism in amazons retail business.
According to exclusive reports, Amazon is getting ready to sell NFTs on its website and its users will have a range of 15 NFT collections available to choose from the online platform. According to this initiative, it will allow Amazon to focus on blockchain-based gaming which will reward players with NFTs.
It is also important to note that Amazon currently runs on a web2 cloud computing platform, aws, and its venture into web3 will create a huge shift to NFTs especially due to its massive number of global customers. The company is also offering new job roles for the AWS team showing its growing interest in web3 technologies.
In the past year, Amazon alluded to this step when it launched a documentary that featured artists, collectors and industry professionals globally, highlighting how a merger between art and technology could positively impact a lot of lives worldwide.
In the docuseries, named NFTMe, Amazon parades a lot of guests with intimate knowledge on NFTs and through this initiative, Amazon has in the past funded creative NFT studios including Superplastic which secured a $20 million funding from Amazon and other stakeholders in the sector.
That being said, the combination of these factors creates a recipe for explosive growth in the NFTs market. As a result we are closely monitoring this situation and will effectively inform you, our esteemed reader of any developments in the sector including specifics. As of now, stay tuned.
