Amazon Set to Launch NFT Marketplace Next Month

Credit: Yuga Labs // Michael Hession

The e-commerce giant Amazon is set to open its own non-fungible token (NFT) marketplace. According to a report from The Big Whale, the Amazon NFT marketplace could launch as soon as April 24, 2023.

The marketplaces will connect digital assets to physical products that are delivered to customers’ doorsteps. According to the news, Amazon plans to notify every Amazon Prime customer in the U.S. of its Web3 initiative once it goes live, either through an email blast or by other means.

The NFT marketplace would let Amazon shoppers buy digital products that are connected to real-life products. For example, a new jacket could be tied to an NFT that verifies ownership and has additional utilities in the metaverse like token-granted access to events or discounts. Furthermore, customers can pay with credit and debit cards, like any Amazon purchase.

The move from Amazon is being compared to Starbucks loyalty program with Polygon blockchain, which is expected to onboard millions of users to Web3. Amazon has 167 million Prime members in the U.S alone, so Amazon’s entrance into Web3 could be even bigger.

There’s still no definitive news about which blockchain Amazon will be using for its marketplace. Reports say the company’s representatives have contacted layer 1 blockchains, NFT gaming companies, and other Web3 projects and companies. They’ve also hired many Web3 oriented developers.

Some suspect Amazon aims to build a private blockchain or what critics are calling a “very walled garden.” Others speculate a native Amazon token is in the works — though Amazon has yet to comment any of the news.

The Rise of the NFT Marketplace

Amazon is the biggest e-commerce retailer in the world, and news of it entering Web3 is huge for the ecosystem at large. But Amazon is far from the only company interested in its own NFT marketplace. At Rarity Sniper, we’ve covered several stories about NFT marketplaces launching recently. Here are some of the top stories.

First, Christie’s, the iconic British auction house, announced its new NFT marketplace on the Ethereum blockchain. “Christie’s 3.0” allows the auction house to conduct NFT auctions on Ethereum from start to finish.

Next, about three months ago, Mattel, a global leader in children’s toys, launched an NFT marketplace on the Flow blockchain. Its first mint included the fourth series in the Hot Wheels NFT set and took place on December 15th.

Lastly, top crypto exchange Kraken recently launched an NFT marketplace to discover and trade NFTs. The NFT marketplace offers zero gas fees, creator earnings, trusted rarity rankings, 24/7 customer service 365 days a year, and over 200 funding options.

It’s unclear how many NFT marketplaces the world needs, but it certainly looks like it’s going to be more than one. If Amazon enters the NFT marketplace space this spring, it could seriously shake things up in Web3. We’ll keep our ears to the ground for any new developments in the story.