Amazon to Launch NFT Marketplace on Private Blockchain

According to reports, Amazon is finalizing its NFT shop, which will include digital collectibles from well-known crypto-native producers and projects such as Beeple and Pudgy Penguins.

The Amazon NFT marketplace will function on a private blockchain maintained by the corporation and powered by Amazon Web Services (AWS), according to the terms of a non-disclosure service agreement reviewed by Blockworks.

Furthermore, various sources claim that Amazon has signed up a number of partners for the launch, although the names of those partners are yet unknown.

Amazon is alerting product partners that Artifact Labs and Proof Collective will be participating, in addition to collaborating with the developers of Beeple and Pudgy Penguins.

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 announcement comes as the NFT market continues to expand at a rapid pace. In the first half of 2021, NFT sales achieved an all-time high of $2.5 billion, more than 20 times the total sales in 2020.

According to many experts, the NFT sector will continue to grow as more mainstream organizations and individuals enter the space.

Amazon's entry into the NFT industry, with its massive resources and user base, is expected to fuel significant growth and adoption of digital collectibles.

Amazon's plan to begin on a private blockchain will set it apart from competitors and create a one-of-a-kind consumer experience.

Source; Dklassgh.Com