NFTs: Amazon postpones the launch of its marketplace until 15 May

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Monday, April 24, 2023

Originally scheduled for the end of April, the arrival of the American giant in the world of NFTs has, according to our information, been postponed by a few weeks. Several major collections, such as Bored Ape, will be available on the marketplace.

Billed as one of the group's most important projects since the launch of Amazon Web Services (AWS) in 2006, the Amazon Digital Marketplace was first shelved in November 2022 due to the fall of... FTX. Since then, the project has continued to move forward, but at a slower pace than expected. "There are some difficulties, both technical and commercial", explains the same source.

Many large collections present

The challenge for Amazon, which wants to attract as many collections as possible, is to establish itself as a major player in NFTs. According to our information, 80 collections have been selected by the American giant. The Bored Ape, which is the best-known collection on the planet, is among the stars present. The World of Women collection is also on board.

Note, however, that it won't be NFTs from the main collections that will be offered for sale (they've already been mined), but rather perks or merchandising, which could somewhat limit the impact and hype for the platform. "You'll be able to buy NFTs that themselves give access to benefits from the best-known NFTs," whispers a person familiar with the project.

Amazon has no plans to accept payments in cryptos for these NFTs, which are developed on a private blockchain and which the giant will therefore have sole control over. The "advantage" of this system is that purchases will be as simple as for a normal product and the NFTs will be available directly in the accounts of Amazon customers.

To benefit from the advantages linked to a collection, it will be necessary to use one's Amazon account on the collection sites, in the same way as it is possible to identify oneself with a Google or Facebook account on third-party sites.

Despite the delays, the company created by Jeff Bezos seems to be betting heavily on this project. According to our information, no one in charge of the marketplace has been made redundant as part of the 27,000 departures announced in recent weeks.

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This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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