Amazon Gears Up For NFT Marketplace Launch In April, Collections Tied To Real-World Assets

E-commerce and tech giant Amazon is reportedly preparing for the launch of its very own Non-Fungible Token (NFT) marketplace or platform sometime in April, which will introduce Non-Fungible Tokens (NFTs) tied to real-world assets and delivered to customers' doorsteps, several sources claimed.

While the popularity of NFT and metaverse is slowly waning compared to the consumers' reception and interest in 2021 and 2022, it looks like Amazon is still committed to dipping its toes in the world of NFTs.

Amazon is reportedly planning to make a major upgrade to its e-commerce business by developing an NFT marketplace, Blockworks reported citing sources familiar with the matter.

The tech giant is also planning to notify its Amazon Prime customers in the U.S. of the launch of its digital collectibles as soon as it goes live, the report added.

But, if Amazon offers the same old NFT marketplace that others are already offering, it might not be a hit in the NFT community.

Interestingly, it is not a part of the tech giant's plan.

Apparently, Amazon's NFT marketplace will offer a wide range of fashion-oriented digital collectibles tied to a pair of jeans, for instance, which customers can purchase using credit cards, just like they would with other products available on Amazon.

Furthermore, these NFTS will be sent to customers' NFT accounts while the physical piece of clothing would be delivered to the customers' addresses.

Moreover, the said NFT marketplace would reportedly have gaming features where users can enjoy their favorite blockchain-based games and win NFTs.

The said platform might be officially called Amazon NFT Marketplace or Amazon Digital Marketplace.

While Amazon has not yet said anything about this supposed initiative, Big Whale revealed that the marketplace might launch on April 24, 2023, and noted that it could have rolled out sooner had it not been for the spectacular collapse of the crypto empire FTX in 2022.

After the controversial collapse of FTX and its affiliated companies, the entire cryptocurrency ecosystem took a sweeping hit to its reputation, which triggered interest from various firms to wane.

But, recent data from DappRadar revealed that the interest in NFT is slowly picking up, with the industry showing signs of recovery at the start of the year.

Talks about Amazon developing an NFT marketplace surfaced in January, although details at that time were scarce.

During the same month, AvaLabs, a Web3 design company, announced its partnership with Amazon Web Services (AWS) in an attempt to boost the company's adoption of blockchain technology. However, Amazon has not yet disclosed anything related to the initiative.