Amazon is reportedly set to launch its own NFT marketplace next month, with plans to offer digital collectibles linked to physical goods that can be delivered to customers’ doorsteps. The marketplace will have 15 NFT collections available on launch for US-based customers, with plans to expand worldwide. Customers will be able to purchase the digital collectibles with their own Amazon account via debit or credit cards, allowing those without access to a crypto wallet to buy NFTs without having to purchase cryptocurrencies. The Amazon NFT marketplace could be called either ‘Amazon NFT Marketplace’ or ‘Amazon Digital Marketplace’.
Amazon shoppers will be able to purchase fashion-oriented NFTs linked to physical clothing, such as jeans, trainers and sweatshirts, with the NFTs being delivered to customer accounts whilst the physical clothing is being delivered to customer doorsteps. One clothing company that has already linked NFTs with their physical produce is Nike, which acquired the virtual assets company RTFKT in 2021 and integrated it into the new “Nike Virtual Studio” to unleash a series of Nike-branded NFTs.
The Amazon NFT initiative has been in development for months, with the company taking progressive steps towards incorporating more Web3 features into its platforms. Back in January, four sources told Blockwork that an Amazon NFT initiative is expected to be made available to consumers worldwide in the spring. In the same month, Amazon Web Services (AWS) partnered with web3 firm Ava Labs in a bid to accelerate the adoption of blockchain technology.
The launch of digital collectible services on Amazon was delayed following the collapse of Bahamian cryptocurrency exchange FTX in November 2022, which took a critical hit to its reputation and evaporated the interest from web2 firms and retailers in launching NFT marketplaces. However, the interest in NFTs amongst consumers has been slowly picking up pace again. The market for digital collectibles has shown signs of recovery since the beginning of 2023, with healthier figures for the NFT market as a whole. In January, NFT trading volume stood at $946m, up 38% from December 2022.
NFTs, or non-fungible tokens, are unique digital assets on a blockchain, a decentralized digital ledger that records transactions. When someone purchases an NFT, they own a digital certificate of ownership that verifies that they own the original, one-of-a-kind version of the asset. NFTs have become popular in recent years as a way for creators and artists to sell and monetize their digital creations and provide collectors with a way to own and invest in unique digital assets.
Marine Corps Veteran-turned-national-tv-personality Eric Mitchell is a world leading expert in sports media, regularly appearing on the world’s largest outlets from BBC, MSNBC, Fox News, Bloomberg, CNN and more. His signature blend of snark and industry expertise landed him columns at none other than RollingStone, GritDaily, PopWrapped, Disrupt — and most recently — Editor in Chief at NFT Today Magazine. When he’s not making media appearances or running his empire at LifeFlip Media, he can be found entertaining his thousands of loyal followers on social media through his authentic filter-free content.