Amazon NFT marketplace launch delayed to mid-May
Reports indicate that Amazon will delay the inception of its NFT marketplace until mid-May owing to regulatory and technical problems.
Amazon delays NFT platform launch
According to incoming reports, the e-commerce giant Amazon just postponed the launch of its planned NFT marketplace to next month. Originally, Amazon had plans to launch the marketplace at the end of April.
Information coming up indicates that the network will launch the marketplace on May 15. Reports indicate that the marketplace is not ready for launch, hence the postponement.
Based on reports, Amazon intends to bring at least 15 collections on its launch. The NFT investors can purchase digital non-fungible assets from the collections on its launch.
Sources suggest that Amazon intends to make its NFT marketplace accessible directly via its official web page. The platform will support selling different NFTs, including fashion, music, videos, etc.
Interestingly, this network’s NFT marketplace will not require a specialized wallet. Instead, with a basic Amazon account, and debit and credit cards, the investors can buy and store the NFTs.
Based on the reports, these NFTs will first be available in the U.S., but Amazon will expand later.
Legal and technical challenges
According to sources, the reason behind the launch postponement was that Amazon faced some legal and technical challenges. For instance, the report notes that Amazon’s private blockchain tech still needs to improve its scalability, security, and interoperability.
Moreover, reports allege that the e-commerce giant has been facing regulatory issues connected to the NFT space. Reports allege that Amazon has been struggling to comply with regulations in different jurisdictions connected to NFTs.
Furthermore, another reason for the delay is that Amazon seeks more partnerships with creators, collectors, and other stakeholders in the NFT business. However, some of those partnerships have been hard to formulate and reach full agreements, hence the deadline extension.
Reports suggest that Amazon has a massive user base of over 300 million people; many have primed Amazon as a major force in the NFT business for the future. However, even with its major play in the industry, Amazon will still face major competition from other players like SuperRare.
