Amazon launches NFT marketplace

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Long awaited launch

Amazon is going to launch its NFT marketplace already this April. At first, the Amazon Digital Marketplace will be available only to users in the US, but in the future, customers from other countries, including Europe, will be able to access it.

Amazon Digital Marketplace is expected to officially launch on April 24th. The launch of the Amazon Digital Marketplace has been delayed twice in recent weeks due to the collapse of the FTX crypto exchange.

Next month, 15 NFT collections will be available right after launch. NFT collections can be found on Amazon by going to the Amazon Digital Marketplace section of the website. All NFT purchases will only be made through an Amazon account and with a credit card.

Amazon is not the first major corporation to develop its own NFT marketplace. Last summer, the eBay online auction bought KnownOrigin, a platform for trading non-fungible tokens. The parties did not disclose the amount and other details of the transaction. At the same time, at the end of May 2022, information appeared on the network that the American retailer was planning to release its own NFT collection, but the official collection from eBay did not appear. And in mid-February, KnownOrigin opened the possibility for digital artists to receive royalties from the resale of virtual collections. 

Recovery of the NFT market

The launch of the Amazon NFT marketplace marks the gradual recovery of the NFT market after the long crypto winter of 2022. Since the beginning of the year, the market for non-fungible tokens has been on the rise. In February, non-fungible token trading volume reached $2 billion, the highest since May 2022. 

The NFT sector increased its dominance in the crypto market to 9.46% from 8.47% in January. At the same time, the average number of daily unique active wallets (dUAW) increased to 153,337. The DeFi ecosystem also showed impressive growth. At the moment, decentralized protocols account for 24% of the market, and the average dUAW is 390,675.

One of the main reasons for the growth of the market was the interest in the  Blur marketplace . The platform has attracted the attention of the crypto community due to the unique trading model that distinguishes it from other NFT platforms. However, the significant increase in trading volume on Blur is primarily driven by whale trades.

The Blur marketplace has attracted the attention of the crypto community due to the unique trading model that distinguishes it from other NFT platforms. Platforms such as OpenSea are designed for users who trade occasionally. Blur is intended for traders who deal with large-scale transactions with greater frequency.

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