Tech giant Amazon according to a recent report, is preparing to explore the realm of digital assets, blockchain-based gaming, and non-fungible tokens (NFTs) applications.
According to sources with knowledge of the situation who spoke to Blockworks indicated that Amazon is starting a digital assets firm and that its NFT endeavor will happen as early as the spring of 2023.
Amazon is promoting its digital collectibles initiative while encouraging its users to participate in cryptocurrency games and win free NFTs as a reward. The company is giving blockchain-based gaming and other similar NFT applications a lot of attention.
These initiatives are currently being developed. The digital and e-commerce behemoth will probably make its cryptocurrency plans public by April 2023, however. A crypto source who spoke with Blockworks said:
Amazon “coming into the space” is “a big one” for crypto “for many different reasons. “We knew it was possible. But now it seems like it’s really happening. That’s going to affect the existing players in the space — if they execute and do this right and are smart about it.”
One of the insiders said that according to prior arrangements, Amazon intended to host at least one NFT drop in conjunction with an artist. Amazon’s Web3 plan, however, also seems to have changed over time.
Little information is available regarding the platform that will house Amazon’s NFT gaming activities. However, according to the two insiders who know the situation, the NFT project won’t be using Amazon Web Services, the company’s well-known Web hosting platform (AWS).
Andy Jassy, the CEO of Amazon, has previously said that the business is open to selling digital assets in the future and won’t be shutting its doors to them.
Amazon seems ready to compete fiercely with other NFT markets like OpenSea and Rarible. According to one insider, “Amazon could make a major impression in the NFT sector with the [number] of clients they have.”
Furthermore, Amazon has been establishing significant alliances in the cryptocurrency sector. Ava Labs and Amazon Web Services (AWS) partnered earlier this month to grow blockchain usage for businesses, organizations, and governments.