Non-Fungible Tokens (NFTs) have been gaining traction lately and it seems that Amazon is now joining the bandwagon. Amazon was slated to launch its digital marketplace where NFTs would be traded on April 24th. However, this launch has been postponed to May 2021 due to various precautionary measures taken by the company.

NFTs are digital assets that are authenticated on a blockchain, meaning that unlike other crypto-assets, users can actually own these tokens. NFTs are relatively recent and have been experiencing a surge in usage as of late. Various big names in the industry have already ventured into the non-fungible token space, such as Warner Music and the Brazilian Football Team.

The Amazon Digital Marketplace, once it is up and running, will be available to the US users first before extending its services to other countries. Initially, the marketplace will feature 80 collections which includes the popular Bored Ape Yacht Club and Mutant Ape Yacht Club line. However, initially, only 15 collections will be accessible.

Users will be able to buy, sell and trade these NFTs on the platform similar to other crypto-asset platforms. Ultimately, these non-fungible tokens can also be used to make online payments.

As expected, the delay in launch has been preceded by certain market conditions and security measures. After the November crash of FTX crypto exchange, Amazon was forced to postpone the launch of the NFT trading platform until the end of 2022.

The entry of Amazon into the NFT sector could potentially be the tipping point, and it will be interesting to observe the impact that this might have on the NFT space and the development of blockchain technology.



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