amazon nft marketplace may

Amazon postpones the launch of its NFT Marketplace until May

  • Technical and business challenges delay the launch of Amazon Digital Marketplace
  • Popular NFT Collections Will Be Available On The Amazon Marketplace
  • Amazon Won’t Accept NFT Crypto Payments on Its Private Blockchain

E-commerce giant Amazon has postponed the launch of its NFT marketplace until May 2023, according to internal sources connected to the company.

The launch of the “Amazon Digital Marketplace” was initially scheduled for the end of this month of April 2023, as we reported on islabit, but it is delayed due to difficulties in the market after the collapse of the FTX crypto exchange in November last year.

Technical and commercial challenges for the launch of Amazon’s NFT Marketplace

According to an Amazon-related source, the company has faced some technical and business challenges, which has led to the latest delay. Amazon has curated 80 NFT collections for its marketplace, including Bored Ape, Mutant Ape, World of Women Collection, Beeple, and Pudgy Penguins.

Amazon Digital Marketplace will initially be available to customers in the US and will gradually roll out to other countries. Customers will be able to access the NFT marketplace by clicking on the “Amazon Digital Marketplace” tab on the Amazon website.

Although the launch of the Amazon Digital Marketplace could be a big step towards mass adoption of Web3, the company will not accept cryptocurrency payments by NFT and will be available on a private blockchain.

Strategic partnerships

Amazon Web Services (AWS) has partnered with Ava Labs to accelerate the adoption of blockchain technology. Additionally, AWS partnered with Chainlink (LINK) for the node creation solution and VeChainThor for blockchain-based carbon management services. With the launch of an NFT marketplace, Amazon takes another step in the Web3 ecosystem.

For those of you who don’t know what NFTs are yet… an NFT (Non-Fungible Token) is a unique type of digital asset that is stored on a blockchain. Unlike cryptocurrencies like Bitcoin, which are fungible and can be exchanged for others of the same value, an NFT is unique and cannot be directly exchanged for another of equal value. NFTs are commonly used to represent digital artwork, videos, music, and other unique digital assets.

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