Amazon has an upcoming NFT marketplace in store for us. Here’s why it could potentially change the game for the Web3 space.
Amazon, the world’s largest online retailer, officially revealed the final release of its highly-anticipated NFT marketplace.
Originally scheduled to launch in 2022, the platform has been delayed several times, with the latest release date set for May 15th.Officially named the “Amazon Digital Marketplace”, the platform will be an online venue where users can buy, sell, and trade non-fungible token (NFT) products.
Initially, the marketplace will only be launched in the United States, with plans to expand to other regions in the future.
One strategic word usage in the name of the marketplace is “digital” instead of NFTs. This suggests that Amazon wants to market the platform to a broader audience that may not be familiar with the term “NFTs”.
Furthermore, Amazon’s strategic preference for digital marketplace instead of NFT marketplace seeks to distance itself from the bad reputation NFTs have accumulated the last few years.
As of 2022, a vast majority of Americans still are not ready to purchase NFTs, with a few of them tying the term to infamous web3 scams. Only a measly 7% of respondents were open to purchasing one within a year.
Although the Web3 space has been making strides in trying to amend this image, it still remains a significant hurdle to mass adoption to this day.
Amazon’s entry into the NFT space is significant because it has the potential to simplify NFT purchases and make them more accessible to mainstream audiences. One way it aims to do this is by allowing users to pay with fiat currency, such as credit card payments, instead of crypto. This feature will allow users who are not well-versed in cryptocurrencies and online wallets to interact with the marketplace more easily.
In addition, Amazon’s vast delivery business could make it easier for users to receive physical NFTs and merchandise delivered straight to their homes, adding a new dimension to the NFT market.
Imagine a physical bored ape NFT delivered right at your doorstep. Amazon’s venture will make this laughable thought a possible reality.
Furthermore, the launch of Amazon’s own private blockchain adds another layer of potential for the marketplace. This move will provide Amazon with more control over the marketplace and may help it avoid some of the problems that have plagued other NFT marketplaces.
Overall, Amazon’s entry into the NFT space has the potential to provide legitimacy to the web3 space and may open up NFTs to a wider audience. As the NFT market continues to grow, Amazon’s new marketplace could play a significant role in shaping the future of this emerging market.