PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Amazon Is Launching an NFT Marketplace This Spring

Connie Diaz De Teran by Connie Diaz De Teran
March 13, 2023
in Analysts Coverage, NFT
0
NFT
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Amazon is set to launch its own NFT marketplace, as it continues to broaden its e-commerce empire.

NFTs, or non-fungible tokens, are digital assets that are based on blockchain technology. What makes them non-fungible is that they cannot be exchanged or traded on an equal basis. In contrast, cryptocurrency can be traded for one another, making them fungible.

Still In Development

Amazon was initially planning to launch its NFT marketplace last year, however, the collapse of FTX delayed the launch.

Although some details are yet to be fleshed out, what is known is that the launch is set for April 2023 and Amazon will initially offer 15 NFT collections for U.S. customers to start. Consumers will be able to purchase these digital collectibles via a credit or debit card using their Amazon account.

This will also give consumers,  who don’t have a digital wallet, to the ability to purchase an NFT without having to purchase cryptocurrencies.

Post-launch, Amazon customers will be able to purchase fashion-oriented NFTs that are linked to physical clothing, Yahoo Finance reports. There are also plans to enable customers to play crypto games in exchange for free NFTs. A major focus is being placed on blockchain-based gaming and other NFT applications.

Based on reports, the purported name will be “Amazon Digital Marketplace” and the NFT collections will be available for purchase on Amazon’s website under the “Amazon Digital Marketplace” tab.

How Amazon Digital Marketplace May Stack Up to Competitors

Joining the ranks of Meta and Google, Amazon has partnered with Ava Labs in order to speed up adoption of blockchain technology. With its large customer base, Amazon is sure to inflict robust competition to existing NFT marketplace players such as OpenSea and Rarible.

Safety and liabilities continue to be critical issues that must be addressed to see how NFT platforms fare over time.

One thing is certain, Amazon’s foray into NFTs means it is well on its way to entering the Web3 ecosystem.

Tags: AmazonBlockchainCredit CardsCryptocurrenciesDebit CardsEcommerceFTXGoogleMetaNFTweb3
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    item clearing

    As Check Volumes Decrease, Financial Institutions Need to Consider Alternative Clearing Options

    March 29, 2023
    payments friction

    Too Much Payments Friction Can Lead to Customer Chafing

    March 28, 2023
    online fraud

    Understanding the Cost of Online Fraud and How to Prevent It

    March 27, 2023
    live shopping, ebay

    Q&A: eBay Exec on Live Shopping and the Future of Payments

    March 24, 2023
    AI and Biometrics in Regulatory Compliance in Finance

    The Importance of AI and Biometrics in Regulatory Compliance in Finance

    March 23, 2023
    Everyone Benefits from the Real-Time Payment Networks  

    Everyone Benefits from the Real-Time Payment Networks  

    March 22, 2023
    commercial payments

    Optimizing Commercial Payments in the Digital Age

    March 21, 2023
    cross-border payments

    Cross-Border Payments: Fighting
    E-Commerce Fraud Using Data

    March 20, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Ekata eBook