Amazon plans to launch your own NFT marketplace (non-fungible tokens) hosted on a private blockchain. The digital collectibles on offer will be from top crypto-native creators, such as Beeple and Pudgy Penguins. This marketplace will be controlled by Amazon and will run on a zero-cost, read-only blockchain, with strict restrictions placed on NFT creators, partners, and customers post-launch.
Amazon has signed several partnerships for the launch of the platform, but these are kept secret. Twitch, Amazon’s streaming subsidiary, will be used to promote the initiative, and several video game companies have also signed partnerships to sell games. NFT linked to their titles on the platform. The Manufacturer, a company specializing in fashion, has also agreed to participate in the fashion verticality of the platform.
The start of the NFT Marketplace from Amazon was pushed back multiple times, and multi-chain compatibility is not planned at this time. Strict nondisclosure agreements enforced by Amazon protect business relationships with current and potential partners.
Intended uses for the platform include exclusive drops of music, ebooks, movies, and TV shows, as well as the sale of physical goods shipped after an Amazon customer purchases an NFT. Customers will be able buy NFTs on the marketplace with their credit or debit card, or by using another payment option offered by Amazon.
Amazon plans to massively promote its NFTs during Amazon Prime Members Day scheduled for July 22 and 23, 2023, by broadcasting messages to Amazon Prime customers in the United States. The company believes its platform will drive the adoption of Web3 for its 300 million active customers worldwide.
The information was obtained from seven springs having direct knowledge of platform training, who have been allowed to discuss trade deals anonymously. Representatives for Twitch and other partners did not comment on Amazon’s move.
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