Amazon in final stages of developing NFT service

Amazon, the world’s largest e-commerce company, is reportedly launching its own NFT (non-fungible token) marketplace, according to Blockworks. The news has been circulating since April 1st, based on information from seven sources and leaked terms of service.

The marketplace is said to be in its final stages of development and will feature popular NFT collections like Beeple and Pudgy Penguins. Amazon’s traditional payment methods, including one-click purchases, will be used to purchase the NFTs.

In addition, Amazon has reportedly partnered with multiple Web3 companies, including Artifact Labs from Hong Kong, NFT collector group Proof Collective, and digital fashion developer The Fabricant. Amazon’s streaming service, Twitch, will also collaborate on promoting Amazon’s NFT business, and NFT purchasers may get the right to distribute gameplay videos on Twitch.

According to Blockworks, Amazon will have a premium Discord membership for partner companies, and affiliated brands will operate an exclusive Discord community for end users, offering special content, events, and opportunities to market NFTs.

The terms of service also suggest that Amazon’s NFT marketplace will run on a private chain, and users will not have to pay for gas. However, the functions for NFT creators will be limited, such as not being able to issue new cards.

While the marketplace was initially expected to launch as early as the fourth quarter of 2022, it has reportedly faced multiple delays, according to three sources.

The marketplace is expected to offer benefits to NFT purchasers, such as exclusive drops of music, e-books, movies and TV shows, physical product shipments, access to private clubs, meet-and-greets with musicians and celebrities, among others.

Although Amazon has not officially confirmed the launch of its NFT marketplace, the news has generated a lot of buzz in the NFT community. If the reports are true, Amazon’s entry into the NFT market will likely be a game-changer and have a significant impact on the market’s future.

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