Sure, why not?
If the UI is static, I don’t think there is any problem in using IPFS for marketplace. Using IPNS, that can be more flexible.
But the challenge will be during payment processing. That we have to do out of IPFS or in other offline means.
IPFS mainly solves the problem of decentralised storage. While it’s certainly possible to build a marketplace on top of IPFS, you will have to combine IPFS with other technologies to handle payments.
Another challenge that you might face is that technically all data on IPFS is public (as long as the nodes hosting the CIDs are publicly reachable). This will make it hard to monetise data unless you encrypt it before adding it to IPFS and essentially selling the decryption key.
OpenBazaar has been doing that for years. A decentralized marketplace with decentralized payment thanks to crypto.
The OpenBazaar repo is unmaintained since 2020 but has been forked by Mobazha