Amazon NFT marketplace launches this month

Amazon is set to launch its NFT marketplace by May 15, according to Web3 enthusiast and non-fungible collector Moritz.

Amazon remains tight-lipped

The world’s largest online retailer has been tight-lipped about the matter, making no official announcements about the rumours.

Details of an Amazon NFT marketplace first emerged from Blockworks back in January – saying the platform will focus on blockchain games and associated in-game NFT collectibles.

Since then, other outlets have added to the details, including Yahoo Finance ( YF ), which mentioned tying non-fungibles to physical products for delivery and having 15 collections to trade by the launch date.

YF also stated that Amazon accounts could act as NFT wallets, thus bypassing the need for dedicated crypto wallets like MetaMask. If true, this move signals a focus on novice collectors rather than those already familiar with NFTs and cryptocurrency.

CryptoSlate contacted Amazon for further comment. At press time, no response had been received.

Other rumors

Moritz admitted that a lack of official details is circulating – which means “nothing is 100% confirmed yet.” However, he gathered information to create a comprehensive thread about what to expect.

He stated that NFTs could be paid for using standard payment methods, just like other Amazon purchases. Likewise, as mentioned above, the NFTs can be stored in the user’s Amazon account.

“You don’t need any technical knowledge of the blockchain or self-deposit wallets, just an Amazon account.“

He also claimed that Amazon would launch its own private blockchain interoperable with Ethereum, Avalanche and Chainlink – with plans to integrate more blockchains in the future.

The platform will initially launch in the US and will be called “Amazon Digital Marketplace.” However, an eventual global rollout is expected.

Comparing Coinbase’s 9 million monthly active users to Amazon’s significantly larger 197 million, Moritz deduced that Amazon has a greater potential for success with NFTs versus Coinbase — especially as Amazon targets an untapped customer base.

“Amazon has not only [sic] far more users, but they also have a completely different audience.

And they come up with a solution that makes the user experience far better (most people don’t want self-defense).“

Despite Moritz’s prediction of a slow start for Amazon Digital Marketplace, he still considered the venture a significant milestone for the cryptocurrency industry — calling it “a big step for our space.”