Wednesday, July 24, 2024

Amazon to launch NFT trading platform in April

It will be possible to buy tokens only through an account on the retailer's website using a bank card

Amazon’s NFT marketplace will launch on April 24, according to TheBigWhale. Called Amazon Digital Marketplace, the service will initially be open to US users only, but will eventually be available to customers in other countries, including Europe.

For Amazon, the countdown has started. The leader in e-commerce will debut its NFTs platform after months of development and some setbacks. Our information indicates that it will be accessible online on April 24.

The technology, which Blockworks unveiled in January, will be accessible on the American juggernaut’s website under the “Amazon Digital Marketplace” banner. At first, this tab will only be accessible within the United States. Europe will eventually have access to the platform along with the rest of the world.

Our knowledge indicates that the demise of FTX caused the launch of Amazon Digital Marketplace to be delayed twice in recent weeks. In the absence of any fresh unusual events, April 24 currently appears to be the day.

When the site is launched, it will feature 15 NFT collections. It will be possible to buy tokens only through an Amazon account using a bank card. This payment method was chosen to make it convenient for customers to use the service in the traditional way, without linking crypto wallets like Metamask to it, the report says.

According to a number of insiders, Amazon has been courting major players in the market with its digital collectibles push. Layer-1 blockchains, blockchain-based game businesses and developers, and digital asset exchanges are reportedly included among those entities. According to two sources, there is an emphasis on blockchain-based gaming and associated NFT applications.

One source claims that one example is persuading Amazon consumers to play crypto games and earn free NFTs as a result.

Sources claimed that the effort is still in development. The e-commerce behemoth appears to have planned to announce its audacious crypto plans in April.

According to the sources of the publication, Amazon opted for a private blockchain platform that is not compatible with Ethereum to host the marketplace. Therefore, developers who want their NFTs to be available on the new site will have to use blockchain bridges (tools for transferring tokens between different networks).

The fact that Amazon is preparing to launch its own NFT platform was reported in early January. At that time, it was known that the American Internet retailer was considering launching blockchain games in which participants could receive digital tokens, and planned to conduct at least one NFT airdrop (free distribution).

While occasionally posting positions for developers and engineers in the Web3 industry, Amazon Web Services is less well recognized for its exploration of the cryptocurrency and blockchain sectors. After being introduced in 2013, the Amazon Coins program is still in operation, however it functions more like a standard loyalty program than a cryptocurrency project.

The CEO of Amazon, Andy Jassy, has previously said that the company is open to selling NFTs and that it is not blocking any cryptocurrencies.

The full scope of Amazon’s Web3 aims and ultimate objectives is also up for debate. It’s unclear if the company plans to take on rivals like OpenSea and Rarible, but two sources claimed both organizations would view

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