Bitcoin (BTC) and NFT, good or bad idea?

Amazon has been working on an NFT-focused project for months. But the predicament of the crypto industry has not made it easy for him. Because, with the collapse of FTX, the development of the project had to be put at half mast.

First step: 15 collections of NFT, available only in the United States

The online sales giant, Amazon will take a new step in the blockchain ecosystem. Already present in web 3.0, with Amazon Web Services (AWS), the company now intends to integrate the Non Fungible Token (NFT) market. The news confirms rumors that had circulated in January.

According to information disclosed on Wednesday, Amazon will launch its own NFT marketplace. The launch is expected to take place on April 24th and will involve the release of 15 collections of NFTs. The set will be exclusively available to Amazon customers in the United States, pending its international expansion.

See you next month for the Amazon marketplace !

Concretely, it is expected that Amazon users will be able to buy NFTs from the company via their Amazon accounts, under the “Amazon Digital Marketplace” tab. In particular, customers will be able to buy digital objects, linked to material goods such as clothing. The innovation here is that platform customers will be able to purchase their NFTs, via debit cards and credit cards. This automatically eliminates the use of crypto wallets to afford this asset class.

What are the implications for the NFT market?

Amazon’s entry into the NFT market is certainly a signal of the interest of large firms. An arrival in a context of recovery in the sector’s performance, after several months of bear market. Indeed, according to figures from DappRadar, January NFT trading volume peaked at $946 million. This is 38% more than the total transactions carried out at the end of December 2022.

For several analysts, the penetration of this market by Amazon should support the adoption of NFTs in the short term. This dynamic should also benefit the online sales industry in the long term. The latter, they point out, could experience an explosion in its operating results due to massive use of blockchain.

Above all, Amazon joins a movement led by certain other large firms such as Gucci, Nike and McDonald’s. Each of these companies is tapping into the thriving NFT market to increase their revenue.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential Tremplin.io!

Similar Posts