Since their inception, non-fungible tokens (NFTs) are among the wildly popular digital assets. Many companies within the digital space have NFT exposure or likely to have it soon. One more multinational company is on its way to step into space.
According to the sources, e-commerce giant Amazon is looking towards launching a digital assets enterprise. NFT initiative could be on the floor by the spring of this year.
According to a number of insiders, Amazon has been courting major players in the market with its digital collectibles push. Layer-1 blockchains, blockchain-based game businesses and developers, and digital asset exchanges are reportedly included among those entities. According to two sources, there is an emphasis on blockchain-based gaming and associated NFT applications.
One source claims that one example is persuading Amazon consumers to play crypto games and earn free NFTs as a result.
Sources claimed that the effort is still in development. The e-commerce behemoth appears to have planned to announce its audacious crypto plans in April.
According to one source, Amazon “entering the space” is “a big one” for cryptocurrency for numerous reasons.
The source claimed, “We knew it was feasible. “However, it appears to be happening now. If they execute well, handle this wisely, and are smart about it, it will have an impact on the current participants in the market.
According to one of the individuals, the Amazon executives behind the initiative have recently contacted at least one family office. According to the same source, the initial plan included for doing at least one NFT drop with an artist. Since then, Amazon’s Web3 blueprint seems to have undergone tremendous development.
The persons overseeing Amazon’s NFT programme were not immediately known. Although there are still many unknowns regarding the platform, which would include some NFT gaming efforts, two sources have stated that the platform will be operated directly by Amazon rather than through its well-known web hosting platform, Amazon Web Services (AWS).
Amazon has also been looking into several other Web3 efforts recently, according to a fifth source. Numerous internal recruits would probably be a must for the platform as well as Amazon’s subsequent efforts into cryptocurrency, according to one source.
Although Amazon Web Services occasionally posts job openings for developers and engineers in the Web3 industry, the e-commerce site is less well known for investigating the crypto and blockchain industries. An Amazon Coins programme still exists, having been introduced in 2013, but it resembles a simple loyalty programme more than a cryptocurrency project.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/29/amazon-soon-to-enter-the-nft-space/