Amazon NFT marketplace to launch on April 24

Amazon NFT marketplace to launch on April 24

Crypto assets will likely not be supported on the platform.

There are rumours that Amazon is going to launch an NFT marketplace in April. But critics are decrying the claim that the site will only accept credit and debit cards.

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

The platform is currently available to U.S.-based customers before being rolled out globally. The report also says that the launch of the marketplace was twice delayed in the aftermath of FTX's high-profile collapse last November.

Many analysts believe that Amazon's NFT marketplace could be a significant tool for onboarding new web3 users.

But skeptics point out that Amazon reportedly won't support crypto assets on the platform.

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

The NFT market is showing signs of improvement, the news comes as the news comes to light.

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

While $2B worth of NFTs changed hands during February, the highest monthly volume since last May, according to DappRadar. The figure marks an 117% month-over-month increase.

OpenSea facilitated $587M of 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 had Blur by unique wallets by 227%, with 317,000 traders using the platform last month.