The world’s largest marketplace, Amazon, continues the Web3 push with a brand new NFT marketplace set to launch on April 24th, 2023. According to Amazon’s CEO Andy Jassy, non-fungible tokens are a big part of the enterprise’s future ventures.
15 NFT collections will accompany the opening phase, but their names have yet to be revealed. The e-commerce behemoth has been hovering around the depths of Web3 for a while but had to postpone plans due to the FTX ‘liquidity crunch’ in late 2022, which sent the whole crypto market on a downward slope for months.
The game-changing moment of Amazon entering the Web3 space could increase the real-life utility of non-fungible tokens. This plan was revealed in an interview for Blockworks, which also mentioned the possibility of building Amazon’s own private blockchain network.
The biggest development in NFT real-life utility cases is Amazon’s plans to test out NFTs to track and keep delivery data. This adoption of blockchain’s trustless mechanism by one of the most gigantic enterprises in the world could potentially speed up the delivery of goods, lower the costs and give another cause for NFTs.
On the other hand, many crypto enthusiasts on Twitter think that Amazon’s inaugural NFT marketplace “will flop,” just like how the Coinbase, GameStop, and Reddit NFT marketplaces didn’t turn out to be as big as expected. However, Amazon has the power to change this tendency with 300 million active users worldwide and a reputation for bringing innovation, such as e-books, to the mainstream.
On the Flipside
- The Amazon NFT Digital Marketplace will initially launch only in the United States.
- However, Amazon NFT has expansion plans to Europe, Australia, and New Zealand soon.
Why You Should Care
The Web3 push by Amazon marks an important milestone for crypto adoption, as Amazon was also the first company to introduce electronic books to the mainstream.
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