Amazon is set to launch its platform for selling non-fungible tokens (NFTs) on April 24th, following months of development and some delays.
The platform will feature around 15 collections at launch, and will be accessible through a tab on Amazon’s website called “Amazon Digital Marketplace”. However, this tab will only be available in the United States at first, with plans to gradually expand to other regions including Europe.
According to reports, the launch of the Amazon Digital Marketplace has been postponed twice in recent weeks due to the collapse of FTX, a major player in the crypto space. Despite this setback, Amazon appears to be pushing ahead with the launch and is poised to enter the burgeoning NFT market.
NFTs are digital assets that use blockchain technology to authenticate and verify ownership of unique digital items such as artwork, music, and other creative works. They have exploded in popularity in recent months, with a single NFT artwork selling for over USD 69 million in March.
With its vast user base and extensive reach, Amazon’s entry into the NFT market is expected to bring increased mainstream attention and legitimacy to the crypto space. However, the move is not without controversy, as some artists and collectors have raised concerns about the environmental impact of NFTs and their potential for exacerbating wealth inequality. Nevertheless, Amazon’s foray into NFTs is likely to be a major milestone in the ongoing evolution of the digital art and collectibles market.