Amazon Set to Enter NFT Market with Digital Marketplace

ChainPlay

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one year ago

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American e-commerce giant, Amazon, has announced its plan to launch its own NFT marketplace, according to reports. Initially revealed in January by Blockworks, the platform is said to be available starting April 24. 

The NFT marketplace was supposed to be released months ago but was postponed twice due to the collapse of FTX. Nevertheless, it will be rolled out to the public as a tab called "Amazon Digital Marketplace". The platform will initially be available only in the United States but will gradually be available to the rest of the world.

Amazon has always shown a desire to venture into web3. In April 2022, Amazon CEO Andy Jassy remarked that he is optimistic about the future of NFTs and cryptocurrencies. Furthermore, Amazon Subsidiary, Amazon Web Services, partnered with Ava Labs for blockchain adoption growth.

Focus on Blockchain Gaming

The new NFT marketplace is said to focus on blockchain gaming, so it seems the primary market for this project will be web3 gamers. This move could potentially reduce friction for gamers on onboarding to web3, as it provides them with a reputable platform to buy, sell, and trade their assets.

Blockchain gaming has been rapidly rising in popularity, with more and more gamers jumping on the bandwagon. In fact, the gaming market is to grow by more than $125B between 2020 and 2025. With the rise of blockchain gaming, NFTs have become increasingly popular as well, with gamers using them to buy, sell, and trade in-game assets.

Amazon's entry into the NFT market could potentially have a significant impact on the gaming industry, as it provides a trusted platform for gamers to trade assets and make it easier for traditional gamers to onboard web3 through a familiar brand and company.

Final Thoughts

The launch of Amazon's NFT marketplace for blockchain gaming is a significant development for both the NFT and gaming industries. As the new marketplace rolls out to the rest of the world, it will be interesting to see how it affects the NFT market and how it shapes the future of blockchain gaming.

Check out the top trending NFTs games in the market by visiting here.