Amazon plans to launch its NFT marketplace next month which will feature digital collectibles and more, but what to expect from it in Web3?
Amazon made headlines earlier when it announced to launch of its digital collectibles marketplace. Its digital collectibles or NFT marketplace will integrate with physical goods. However, the mantra will remain the same delivering it to customers' doorstep. So, what do we expect from Amazon entering the Web3 industry and launching its own NFT marketplace? So, far we have news that it will showcase 15 NFT collections for sale exclusively for US customers. However, it plans to expand its NFT marketplace features throughout the world. So, Web3 and NFT enthusiasts will have the opportunity to buy Amazon digital collectibles by using their Amazon accounts via debit or credit cards.
Amazon brings ease of access and lowers the entry barrier for its customers by making NFT purchases a lot easier. It will achieve it by providing transactions without the requirement of digital wallets or crypto wallets such as Metamask. This means that customers shall buy NFTs without using cryptocurrencies like Ethereum ETH.
Furthermore, the NFT word is already got quite a beating in the market. Amazon might change the language for its marketplace. The change in language might play a positive role in making it go mainstream. So, we can expect the name to be either Amazon NFT marketplace or Amazon Digital Marketplace, or Amazon Digital Collectible Store. Besides, it was reported earlier by the Big Whale about its name approaches and what it might use.
Amazon Enters Web3 Plans to Launch Digital Collectibles Marketplace
Amazon is gearing up for a major milestone in the world of e-commerce. The tech giant is set to launch its highly anticipated NFT platform after months of development and some delays. Our sources indicate that the platform will go live on April 24th. This platform, first reported by Blockworks in January, will be accessible through a dedicated tab on Amazon's Digital Marketplace. Initially, the platform will only be available in the United States, but Amazon plans to gradually expand access to users worldwide, including Europe.
According to recent reports, Amazon is set to offer a unique shopping experience to its customers by introducing fashion-oriented NFTs. These will integrate with physical clothing, including jeans, trainers, and sweatshirts. Upon purchase, Amazon will deliver the NFTs to the customer's NFT accounts. As for the physical stuff, Amazon will deliver them to their doorstep.
Nike, a company that has been leading the way in linking NFTs to physical products, acquired virtual assets company RTFKT last year and integrated it into their "Nike Virtual Studio" to offer a series of Nike-branded NFTs. One example of this is Nike's Dunk Genesis CryptoKicks NFT range, which is linked to the retailer's real-world Dunk sneakers. With Amazon's upcoming NFT platform, shoppers can look forward to a similar innovative shopping experience.
Amazon NFT Marketplace Development So Far
Amazon, the multinational tech and online retail company founded by Jeff Bezos, is continuing to make strides in incorporating Web3 features into its platforms. In January of this year, a Blockworks report suggested that Amazon will launch a digital assets enterprise involving NFTs. Sources familiar with the matter said that the Amazon NFT initiative will enter the industry and ensure its availability to consumers worldwide in the spring.
Furthermore, in the same month, Amazon Web Services (AWS) announced a partnership with web3 firm Ava Labs to accelerate the adoption of blockchain technology. These steps by Amazon demonstrate the company's commitment to embracing the Web3 ecosystem and integrating blockchain and NFTs into their business model.
The Ups and Downs in NFTs
The launch of Amazon's digital collectible services faced delays following the collapse of the Bahamian cryptocurrency exchange FTX in November 2022. The collapse of FTX had a significant impact on the reputation of the entire crypto ecosystem, leading to a decrease in interest from web2 firms and retailers in launching NFT marketplaces.
However, the interest in NFTs among consumers has been gradually gaining momentum. Data from DappRadar suggests that the market for digital collectibles has been showing signs of recovery since the beginning of 2023. A recent report from DappRadar revealed that NFT trading volume reached $946 million in January, up 38% from December 2022.
Companies such as Gucci, Nike, and McDonald's are among those developing digital collectibles. They plan to use it as a promotional strategy to boost interest in their offerings. Gucci, for instance, is running its own NFT-based metaverse event in The Sandbox. The fashion label has created the first significant virtual environment on the metaverse platform that incorporates the brand's NFTs, called 'Gucci Vault Land'. These developments indicate that the NFT market is gaining momentum once again, despite earlier setbacks.
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