Amazon is reportedly making final tweaks to its NFT marketplace, with at least one document suggesting it will feature digital collectibles from well-known crypto-native creators and projects like Beeple and Pudgy Penguins.
Under the terms of a non-disclosure service agreement reviewed by Blockworks, the Amazon NFT marketplace will run on a private blockchain controlled by the company, which is powered by Amazon Web Services (AWS). Additionally, multiple sources indicate that Amazon has signed up a number of partners for the launch, but those partners are still under wraps.
In addition to working with the creators of Beeple and Pudgy Penguins, Amazon is also notifying product partners that Artifact Labs and Proof Collective will also be participating.
Industry experts have pointed out that moving to a private blockchain could bring huge benefits to Amazon’s NFT market. The use of a private blockchain will give Amazon full control over the platform, ensuring the highest levels of security and privacy for its users. Additionally, it would reduce the risk of scalability issues, a common problem with public blockchains such as Ethereum.
The news comes as the NFT market continues to grow at an impressive rate. NFT sales reached an all-time high of $2.5 billion in the first half of 2021, more than 20 times the sales for the whole of 2020.
Many experts predict that the NFT market will continue to expand as more mainstream companies and individuals enter the space.
With Amazon’s vast resources and user base, the tech giant’s entry into the NFT space is expected to drive significant growth and adoption of digital collectibles.
The decision to launch on a private blockchain will differentiate Amazon from competitors and provide a unique user experience.