Amazon in final stages of developing NFT service: report

Amazon in final stages of developing NFT service: report

Is Amazon ready for NFT service?

It is reported that US Amazon, the largest e-commerce company, will soon release an NFT (non-fungible token) marketplace. Crypto asset (virtual currency) media “Blockworks” reported on the 1st, based on seven sources and the leaked terms of service.

According to multiple sources, Amazon is in the final stages of launching its NFT marketplace. Amazon plans to feature popular NFT collections such as Beeple and Pudgy Penguins, and users will be able to purchase the NFTs using traditional Amazon payment methods, including one-click purchases.

It has also partnered with multiple Web3 companies, including Hong Kong’s Artifact Labs, NFT collector group Proof Collective, and digital fashion developer The Fabricant. Amazon’s streaming service Twitch will also collaborate on promoting Amazon’s NFT business, and NFT purchasers may get the right to distribute gameplay videos on Twitch.

Amazon is said to have a premium Discord membership for partner companies, and brands affiliated with Amazon will operate an exclusive Discord community for end users, offering special content, events, and opportunities to market NFTs. It is said to get

Benefits for NFT purchasers include exclusive drops (distribution) of music, e-books, movies and TV shows, physical product shipments, access to private clubs, meet-and-greets with musicians and celebrities, etc. is assumed.

According to the terms of service confirmed by Blockworks, the NFT marketplace will run on a private chain and users will not have to pay for gas. On the other hand, functions for NFT creators are limited, such as not being able to issue new cards.

Initially, interoperability functions with public chains will not be implemented, but multi-chain functions may be installed in the future.

Amazon’s NFT platform was supposed to hit the market as early as the fourth quarter of 2022, but has been delayed multiple times, according to three sources.

connection:US Amazon launches new Web3 business NFT service may start in April = report

Amazon NFT coverage

Information that Amazon was building an NFT marketplace was first reported by Blockworks in January 2023.

Crypto information site The Big Whale also reported on March 24 that the release date for Amazon’s NFT marketplace is scheduled for April 24, based on an anonymous source. It has been postponed twice in the past due to the bankruptcy of the former major virtual currency exchange FTX.

Amazon’s NFT feature will be set up via a tab called “Amazon Digital Marketplace,” with a collection of 15 NFTs available for purchase, reports The Big Whale.

A reporter from CoinDesk, a US cryptocurrency media outlet, claimed to have received an invitation email related to the NFT platform in the Amazon Prime purchase completion notification sent by Amazon on March 24.

To date, Amazon has not officially commented on the NFT platform.

Amazon has more than 200 million members worldwide (as of September 2021) for its paid membership program Amazon Prime, and it is reported that there are 300 million active users. The company’s entry into the NFT business may lead to the spread of Web3.

According to The Block Research, the total global trading volume of NFTs bottomed out at 52 billion yen ($400 million) in November 2022 and has expanded again to the 130 billion yen ($1 billion) level.

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Written by: Kurt Ebenzer


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