There has long been talk that the top online retailer Amazon.com Inc (NASDAQ: AMZN) may increase its stake in the Web3 market. Here is the most recent rumour regarding an NFT market and its impending launch. What Happened: A new story has surfaced with a debut date and more information, after a January revelation that Amazon was considering NFT efforts to launch in the spring of 2023.
On April 24, Amazon is expected to introduce an NFT marketplace under the names “Amazon NFT Marketplace” or “Amazon Digital Marketplace,” according to a Coingape article. Prior to opening up to other nations, the marketplace will initially begin in the US with 15 NFT collections. The collections can be bought with a credit card or from a user’s Amazon account.
According to the article, Amazon has not yet made any plans to include bitcoin payments. To advance its blockchain endeavours, Amazon previously announced agreements with the cryptocurrency-related businesses Ava Laboratories (CRYPTO: AVAX) and Chainlink (CRYPTO: LINK).
Previous rumours claimed that Amazon offered crypto-related games that gave players free NFTs as rewards. A recent job listing on Amazon was for a “Web3 worldwide programme manager.” A worker is needed, according to the job description, to support the company’s goals with Web3 clients who use AWS.
The job description states that the Amazon Compute, Storage & Edge Global Specialist Organization is looking for a focused, meticulous, data-driven, and entrepreneurial Program Manager.
What Is A Non-Fungible Token (NFT)?
Why It Matters: As of right now, neither a launch date nor an official NFT marketplace have been announced by Amazon. One of the greatest names in the industry would be represented if the corporation moves aggressively into the Web3 arena.
Launching without a cryptocurrency option or the requirement for a cryptocurrency wallet could be a test to see whether it attracts more users to the Web3 sector.
Amazon might find itself in rivalry with industry heavyweights like OpenSea, Magic Eden, and Blur by opening an NFT marketplace.
Blur contributed to the enormous NFT trading volume since May 2022 in February. Blur’s zero-fee marketplace and native token airdrop, which launched mid-February, contributed to the rise. OpenSea has long held the top spot in the market for retail traders, holding off both established players and newcomers. Professional traders have formed a sizable base for Blur, and the airdrop and awards have caused the volume to soar.
In 2022, OpenSea was valued at $13 billion, and Magic Eden was worth $1.6 billion.
Almost two million users were in a queue for Coinbase Global’s (NASDAQ: COIN) highly anticipated NFT marketplace before it started in 2022. In recent months, there hasn’t been much trading activity on the market.
The NFT marketplace at GameStop Inc (NYSE: GME) also focuses on in-game NFTs and digital assets.
Amazon also owns one of the biggest e-commerce sites in the world, and MGM has a library of film and television shows that may be used as early prototypes for releasing new digital assets.
