It’s official, Amazon enters web3 with an NFT Marketplace as early as next month! As the leading global e-commerce platform, Amazon gears up to enlist 15 collections to debut its digital marketplace. Sources suggest the platform goes live around the end of April (specifically, around April 24th). Will the new marketplace upend digital giants like OpenSea, Blur, or more?
The Amazon NFT Marketplace: What Can We Expect?
Global e-commerce leader Amazon plans to officially launch its digital marketplace some time around the end of next month (April 2023). The Amazon Digital Marketplace may be available in the US through a tab on the Amazon website. Moreover, the platform aims to gradually expand to other regions, including Europe and other parts of the world. Though Amazon has not released official press statements surrounding their marketplace, we searched the web to find out some interesting hearsay about the upcoming marketplace.
According to sources, the launch date was postponed twice but is now scheduled for April 24. The delay was caused due to the FTX fallout and the dip in the global crypto markets and the crypto winter. Initially, only US users will have access to the platform, but it will become available in other regions soon after. Amazon is considering sending email blasts to US-based Prime subscribers to promote the platform. However, it’s unclear whether an Amazon token will be part of the deal, as the back-end blockchain technology and the type of private blockchain that Amazon plans to create remain unclear.
Additionally, other sources suggest that there are also ‘phygital‘ aspects to Amazon’s digital offerings. Amazon customers will be able to purchase fashion-oriented NFTs tied to physical products such as jeans and pay for them using a credit card just like any other Amazon purchase. It is also said that the platform will focus on blockchain-based gaming, where users can earn NFTs.
More About the Amazon Digital Marketplace
Multiple sources suggest that Amazon plans to create a private blockchain. But it’s uncertain whether it will involve forking an existing protocol. It’s also unclear whether an “Amazon token” will be part of the deal. One other source has described the setup as a “very walled garden”. Whatever the case may be, the global giant Amazon entering web3 full speed is a promising sign for the industry.
On the other hand, there is a bit of controversy surrounding the brand. Amazon’s employee policy is well-known to be exploitative at times. NFT buildooor and Marketing manager for Sappy Seals, Camol (@camolNFT) was quick to point out Amazon’s open position for its Web3 Global Program Manager. The position offers the selected candidate a meager $20-$28 an hour for its full time position. This may suggest a trend towards big name brands entering the web3 space, but being speculative about spending their money and resources.
What the marketplace will be like is something only time will tell. NFTEvening follows the story as it develops.