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Amazon Selling NFTs: How Will It Affect the Market?

BusinessCryptoAmazon Selling NFTs: How Will It Affect the Market?
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Amazon is reportedly launching an NFT marketplace next month – a move widely applauded in the industry as it solidifies the way forward adoption of digital assets, The effort follows other mainstream companies dipping their toes in the space, including GameStop and Reddit.

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According to Blockworks, Amazon customers will be able to buy NFTs tied to real-world assets. The company will alert US Amazon Prime customers about its digital collectibles plan as soon as it goes live.

Coingape reports that the marketplace — set to go live on April 24 — will begin offering 15 NFT collections, which will be available on Amazon’s website and viewable by clicking on the “Amazon Digital Marketplace” tab. Customers will not need a crypto wallet to buy NFTs on Amazon.

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Amazon ‘a trusted intermediary’

Amazon’s foray into NFTs is significant for two key reasons, said Christopher Alexander, chief communications officer. Liberty Blockchain,

“The first is related to the brand,” he said. “With Prime membership, more than 200 million customers know and trust Amazon well. Amazon can serve as a trusted intermediary to experience Web3 for the first time. Second, Amazon brings significant lobbying to the Hill for the crypto industry fighting on many fronts.

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Other companies that have entered the space include GameStop and Reddit. GameStop to launch an NFT marketplace in October 2022 with ImmutableX Pty Limited. Reddit launched its archive last July and has onboarded around 6.9 million people to Web3, according to tweets from Hype Partners.

CJ Ream, a Contributor core daoexplained that the Amazon news underscores how there is still momentum for more non-crypto technology firms to experiment with NFTs and crypto more widely.

“It is important to note that these types of experiments will help introduce Web3 technology to a larger customer base of these companies.” Reem said. “But, again, we are still in the early stages here and it will take time for more companies and brands to incorporate digital assets into their existing technology stacks.”

A look at the NFT market

Since the collapse of TerraUSD/Luna in May 2022, the NFT space has taken a beating like the crypto space at large, with the upcoming platform bust and the infamous FTX debacle.

Yet, it appears to be rebounding. DappRadar noted in its February industry report: NFT trading volume surged to $2 billion for the first time since last May, up 117% from the previous month, largely driven by Blur – the zero-fee marketplace Was launched in October.

Now, whether Amazon will compete with “pure” NFT marketplaces such as OpenSea remains to be seen, but experts agree that there is room for competition in a space that is fairly nascent.

In fact, NFTs continue to trade briskly in major markets, even though floor prices are down compared to the days of the bull run, said Anthony Georgiades, co-founder of pastel network,

“But, knowing Amazon, what they have in place for their reported marketplace will likely be markedly different from what OpenSea is offering,” he said. “I would not be surprised if Amazon tries to incorporate NFT technology into its existing business operations, perhaps tying them to the sale of physical goods. It is still too early to tell exactly what is planned, but it Really exciting to see a web2 giant dip its toes into the crypto world.

Some experts say another factor that could be working in Amazon’s favor is the retail giant’s distribution network.

While it’s too early to tell whether Amazon’s NFT marketplace aims to compete with OpenSea, they may well co-exist, said Mo Sheikh, co-founder and CEO. Aptos Labs,

“But with Amazon’s delivery power, we can expect to see real utility, something other marketplaces and other infrastructure can’t handle,” Sheikh said.

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This article originally appeared on GOBankingRates.com, Amazon Selling NFTs: How Will It Affect the Market?

The views and opinions expressed here are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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