Amazon NFT Marketplace Set for Launch

by BSC News

March 8, 2023


The world's largest online retailer joins the NFT craze with its own platform, offering customers digital collectibles linked to physical goods.

NFTs Linked to Physical Goods

Amazon, the world's largest online retailer, is reportedly set to launch its own NFT marketplace in April.

The platform will have 15 NFT collections available on launch for US-based customers, before expanding worldwide. Customers will be able to purchase the digital collectibles with their Amazon account via debit or credit cards, without needing a crypto wallet.

Users are already taking to Twitter to expand on what the move could mean for the space.

What makes Amazon's NFT marketplace different from other platforms is that the NFTs will be linked to physical goods such as clothing. After the initiative is launched, customers will be able to purchase fashion-oriented NFTs that are linked to physical clothing, such as jeans, trainers, and sweatshirts.

These NFTs will be delivered to customer NFT accounts while the physical clothing is being delivered to the customer's doorstep. This move by Amazon follows in the footsteps of Nike, which has been at the forefront of linking NFTs with physical goods.

The Amazon NFT initiative has been in development for months, and the company has been taking progressive steps towards incorporating more Web3 features into its platforms. In January, Amazon reportedly launched a digital assets enterprise involving NFTs, and the company also partnered with web3 firm Ava Labs to accelerate the adoption of blockchain technology.

With the launch of its NFT marketplace, Amazon joins the growing list of companies venturing into the world of non-fungible tokens. It will be interesting to see how Amazon's foray into the NFT market affects the industry and how it will compete with other well-established NFT marketplaces.