Rumors are swirling that Amazon plans to launch an NFT marketplace in April. But critics are decrying claims that the platform will only accept credit and debit cards.
Amazon will reportedly launch 15 NFT collections alongside its marketplace on April 24, according to anonymous sources cited by Big Whale. The report went on to say the marketplace will be available as a tab on Amazon’s main website titled Amazon Digital Marketplace.
The platform will initially be available to U.S.-based customers before being rolled out internationally. The report also says that the launch of the marketplace was delayed twice in the aftermath of FTX’s high-profile collapse last November.
Many analysts are tipping that Amazon launching an NFT marketplace could be a significant vehicle for onboarding new web3 users.
“Amazon has more than 310 million active customers worldwide,” tweeted Waleswoosh, a crypto influencer. “If only 1% of them show interest in the new digital marketplace, our space will grow x-fold overnight.”
No Support For Digital Assets
But skeptics emphasize that Amazon reportedly won’t support crypto assets on the platform.
“Users will only be able to purchase NFTs using CREDIT CARD,” said AlexIsBuilding, a web3 developer. “Amazon has no intentions to accept cryptocurrency or wallets such as Metamask for the foreseeable future.”
On Tuesday, Blockworks reported that Amazon will produce physical goods tied to many of the NFTs that customers can receive delivered to their doorstep, also citing anonymous sources. The report said shoppers will be able to “purchase a fashion-oriented NFT tied to a pair of jeans.”
In January, Amazon partnered with Ava Labs, the team behind the Avalanche Layer 1 blockchain, to offer AWS services to developers.
NFT Market Rebounds
The news comes as the NFT market is beginning to show signs of recovery.
NFTs witnessed explosive growth in 2021, with daily volume on OpenSea, the leading NFT marketplace, peaking at $185M in early January. But floor prices quickly evaporated for many collections when the 2022 bear market set in, with daily activity on OpenSea bottoming out below $4M last November.
However, $2B worth of NFTs changed hands during February, the highest monthly volume since last May, according to DappRadar. That figure marks a 117% month-over-month increase.
OpenSea facilitated $587M of trades, trailing behind upstart competitor, Blur, which hosted $1.3B as traders vied to increase their airdrops of BLUR tokens.
DappRadar also noted that OpenSea led Blur by unique wallets by 227%, with 317,000 traders using the platform last month.
FAQs
Amazon revealed on Mar 7, 2023 that they will launch their new NFT marketplace on April 24. Only Americans will be able to purchase items from the marketplace, which will initially only offer 15 NFT collections. The "Amazon digital marketplace" tab on Amazon's website will provide you access to the market.
What is happening with the NFT market? ›
The non-fungible token (NFT) market has faced a meltdown in recent months, with floor prices dropping below 30 ether, an 83% decline from an all-time high in 2022. With this in mind, the future of NFTs looks somewhat uncertain.
What's the most popular NFT marketplace right now? ›
OpenSea. OpenSea is the leader in NFT sales. OpenSea has all sorts of digital assets available on its platform, and it's free to sign up and browse the extensive offerings. It also supports artists and creators and has an easy-to-use process if you want to create your own NFT (known as "minting").
What is the prediction for the NFT marketplace? ›
It acts as a platform for an auction of digital crypto art and other non-fungible items that users can buy and sell. Global NFT Marketplace market is projected to reach US$ 1985.9 million in 2029, increasing from US$ 1590.6 million in 2022, with the CAGR of 3.4% during the period of 2023 to 2029.
Can you buy NFTs on Amazon? ›
Whether you're an art collector or a digital enthusiast, Amazon's NFT marketplace offers endless possibilities for discovering and owning rare digital assets that are truly one-of-a-kind.
What is the outlook for the NFT market? ›
Non-Fungible Tokens (NFTs) Market Insights
Non-Fungible Tokens (NFTs) Market size was valued at USD 16 billion in 2019 and is poised to grow from USD 21.39 billion in 2023 to USD 212 billion by 2031, growing at a CAGR of 33.7% in the forecast period (2024-2031).
Are NFTs worth anything anymore? ›
Over 95% of NFTs created in the 2021-2022 NFT craze are now worthless, according to dappGambl researchers. However, upon closer inspection, the picture looks a bit different. The NFT market cap today is a robust $10 billion, driven by the 5% of NFTs that have retained their value.
Is it good to invest in NFT now? ›
According to Dizon, there are several pros to investing in NFTs: They have diverse applications, they offer a proof of ownership and they are easy to access through improved platforms. However, some of the cons, she added, include their volatility, their liquidity issues and the legal ambiguity around them.
What is the main issue with NFT? ›
Because blockchains use energy, NFTs can contribute to greenhouse gas emissions and climate change through their production, exchange, and storage.
Are people still buying NFTs? ›
For now, at least, the market's outlook remains grim. A 2023 report from crypto analysis firm dappGambl found that 95% of NFTs are worth practically nothing. The report found that, following the immense hype over NFTs between 2021 and 2022, around 79% of all NFT collections have remained unsold.
“NFTs have seen incredible returns on investment, with rare and sought-after pieces being sold for big profits, and some NFTs can still offer a unique way to diversify your investment portfolio if you have already invested in other digital assets. The reality, however, is many NFTs stay unprofitable.”
What type of NFT sells the most? ›
However, there are a few types of NFTs that tend to sell better than others. One of the most popular types of NFTs is digital collectibles. These NFTs are typically used to represent unique items or experiences, and collectors are willing to pay a high price for them.
Are NFTs still valuable in 2024? ›
No Full NFT Comeback in Sight, Some Say
“The flood of images with questionable value is not happening again,” said Ilya Stadnik, CEO at Zent. According to him, NFTs could, in some cases, be a good investment — provided careful selection is applied. “I could say 99.9% of those are not worth considering.
Is there really a future in NFT? ›
But NFTs are still showing signs of life and interest from businesses and consumers. High-value brands, including the Premier League, Louis Vuitton and McDonald's, announced plans for NFTs in 2023. I believe there remains a future in NFTs—and with it, there is an opportunity to evolve.
What does NFT stand for? ›
NFT stands for non-fungible token. It's generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that's where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another.
What is the new NFT marketplace? ›
What Is a NFT Marketplace? An NFT marketplace is a digital platform for buying and selling NFTs. These platforms allow people to store and display their NFTs, plus sell them to others for cryptocurrency or money. Some NFT marketplaces also allow users to mint their NFTs on the platform itself.
Is there an NFT marketplace like OpenSea? ›
Magic Eden is a NFT marketplace on Solana. Floor is a iOS and Android mobile app that helps users access the NFT ecosystem easily. Yawww is a community-owned NFT marketplace, and a peer-to-peer NFT lending platform. Hyperspace is a trading platform that offers Solana NFT and NFT flex information and services.
Where do I launch my NFT collection? ›
Select the Right Marketplace to Sell NFTs
A marketplace is an easiest and most common way. You can list your NFTs on one of the many marketplaces out there. There are many platforms that can help you sell your NFTs. Some of them are WAX, OpenSea MarketPlace, SuperRare MarketPlace, and Nifty Gateway MarketPlace.
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