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Amazon NFT Marketplace Reportedly Launching On April 24: What You Should Know About Latest Rumor

Published 06/03/2023, 20:17
Updated 06/03/2023, 21:40
© Reuters.  Amazon NFT Marketplace Reportedly Launching On April 24: What You Should Know About Latest Rumor

Benzinga - There's been ongoing speculation that leading ecommerce company Inc (NASDAQ: AMZN) may get more heavily invested in the Web3 space. Here’s a look at the latest rumor involving an NFT marketplace and upcoming launch.

What Happened: Fresh off the heels of a January report that Amazon was exploring NFT initiatives to launch in Spring 2023, a new report has emerged with a launch date and more details.

Amazon is set to launch an NFT marketplace called either “Amazon NFT Marketplace” or “Amazon Digital Marketplace” on April 24, according to a report from Coingape.

The marketplace will have 15 NFT collections available at the initial launch in the United States before expanding to other countries. The collections will be able to be purchased from a user’s Amazon account and through a credit card.

The report said Amazon has not indicated plans to integrate cryptocurrency payments at this time.

Amazon has announced partnerships with cryptocurrency related companies Ava Labs (CRYPTO: AVAX) and Chainlink (CRYPTO: LINK) previously in a move to accelerate its blockchain initiatives.

Reports previously linked Amazon to having crypto related games that reward users with free NFTs.

Amazon had a recent job posting for a “Web3 global program manager.” The job posting calls for a person to help its ambition with AWS customers in the Web3 space.

“The AWS Compute, Storage & Edge Worldwide Specialist Organization is seeking a motivated, detail-oriented, data-driven, entrepreneurial Program Manager,” the posting reads.

The candidate will focus on “creating and overseeing programs and mechanisms... and drive web3 initiatives that will shape the overall future growth of the web3 business.”

Related Link: What Is A Non-Fungible Token (NFT)?

Why It’s Important: Amazon has not confirmed an official NFT marketplace or a release date at this time. If the company aggressively enters the Web3 space, it would mark one of the biggest names in the sector.

By launching without a crypto option or the necessity to have a crypto wallet could be a use case study to see if it onboards more people to the Web3 space.

By launching an NFT marketplace, Amazon could find itself in competition with market leaders like OpenSea, Magic Eden and Blur.

In February, Blur helped boost NFT trading volume, with the highest volume seen since May 2022. The growth came with Blur’s zero-fee marketplace and native token airdrop that came in mid-February.

OpenSea has been the market leader for retail traders for years and has fought off competition from large companies and upstarts. Blur has built a strong base of professional traders, and its airdrop and rewards have led to a surge in volume.

OpenSea was valued at $13 billion in 2022 and Magic Eden saw a valuation of $1.6 billion.

Coinbase Global (NASDAQ: COIN) launched an NFT marketplace in 2022 that was highly anticipated and had over two million people on a waitlist prior to launching. The marketplace has seen minimal trading volume in recent months.

GameStop Corp (NYSE: GME) also has a NFT marketplace, which is geared toward the concept of in-game NFTs and digital assets.

With its ownership of live-streaming gaming platform Twitch, Amazon could also be looking towards gaming themed NFTs.

Amazon is also the owner of one of the largest ecommerce platforms in the world and is the owner of MGM, which includes a catalog of video and television content that could become early tests for launching new digital assets.

Read Next: NFT Possiblities For Disney Are Extraordinary, How Bob Iger's Return Could PRopel Web3 Growth

© 2023 Benzinga does not provide investment advice. All rights reserved.

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