Amazon NFT marketplace to launch in April

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Amazon NFT marketplace to launch in April

Cryptocurrency assets will likely not be supported on the platform.

When will Amazon launch an NFT marketplace in April? But critics are calling it out that the platform will only accept credit and debit cards.

On April 24, Amazon reportedly plans to launch 15 NFT collections alongside its marketplace, according to anonymous sources cited by Big Whale. The report went on to say the marketplace will be available as a tab on Amazon's main website titled Amazon Digital Marketplace.

The platform will be available to U.S.-based customers, before being rolled out globally. The report also notes that the launch of the market was delayed twice in the aftermath of FTX's high-profile collapse last November.

Many analysts are hinting that Amazon's NFT marketplace could be a valuable tool for onboarding new web3 users.

But skeptics stress that Amazon will not support crypto assets on the platform.

In January, Amazon collaborated with Ava Labs, the team behind the Avalanche Layer 1 blockchain, to offer AWS services to developers.

The news comes as the NFT market is beginning to show signs of recovery.

In 2021, NFTs experienced explosive growth, with daily volume on OpenSea, the leading NFT marketplace, reaching $185M in early January. floor prices quickly evaporated for numerous collections when the 2022 bear market set in, with daily activity on OpenSea bottoming out below $4M last November.

In February, $2B worth of NFTs changed hands, the highest monthly volume since last May, according to DappRadar. The increase is a month-over-month increase of 117%.

OpenSea hosted $587M in trades, trailing behind upstart competitor Blur, which hosted $1.3B as traders vied to increase their airdrops of BLUR tokens.

DappRadar also reported that OpenSea led Blur by unique wallets by 227%, with 317,000 traders using the platform last month.