The Amazon Non-fungible token (NFT) marketplace which was scheduled for release in April has been postponed to the second week of May. Some sources have it that the e-commerce juggernaut made the decision to delay the launch due to some technical and legal challenges that are yet to be settled.
Ultimately, Amazon is trying to ensure that it is ready for the new venture and that it is also able to take care of any unexpected event that may spring up. Managing security, scalability, and the interoperability of the system have been some of the core issues that Amazon is faced with.
Amazon Planned NFT Marketplace Launch for April
Notably, the launch of the ‘Amazon Digital Marketplace’ was planned for April 24th as the company’s first foray into the crypto industry after it was in 2022. When the marketplace is launched eventually, users in the United States will be the first beneficiaries and gradually it will be introduced to other regions.
Amazon’s first postponement of the NFT marketplace launch was influenced by harsh market conditions which was contributed by the implosion and bankruptcy filing of FTX in November 2022. This marketplace is one of the most anticipated events in the crypto space especially for the NFT community.
Amazon NFT Marketplace to List BAYC, Mutant Ape
Upon its launch, Amazon users will be given access to cryptocurrency games and in turn, receive NFTs as prizes for their wins. The intention was to list only 15 digital collections on the first day of the launch which is not limited to art, music, videos, games, fashion, and sports, however, Amazon has selected more than 80 NFT collections.
The current selection includes collectibles like Yuga Labs’ Bored Ape, Mutant Ape, the World of Women collection, Beeple, and Pudgy Penguins amongst others. Amazon users will not need a crypto wallet as they can use their accounts with either their debit or credit card to pay for the digital collection.
NFT Marketplace Gains Attention Amidst Crisis
More NFT marketplaces are springing up even in the face of uncertain market conditions.
Just before the collapse of the FTX exchange, GameStop partnered with the Layer 2 blockchain-built company Immutable X to roll out an NFT marketplace. Even China as a nation made plans to debut its first authorized NFT marketplace at the beginning of this year.