- Amazon has been exploring the possibilities of Web3 technology, and insiders say it is ready to unveil its digital assets enterprise this spring.
- One example of Amazon’s NFT scheme is allowing customers to play blockchain-based games, and there will also be free NFTs up for grabs.
- Executives at Amazon are reportedly leading the NFT push, and the platform may not be operated on Amazon Web Services (AWS) but outside of the company’s circle.
Amazon, the world’s largest online retailer and cloud computing giant, is getting into the NFT space in 2023. The CEO of Amazon, Andy Jassy, in a recent Squawkbox interview on CNBC, revealed this. Jassy stated that the company is far from integrating cryptocurrencies as payments for its retail business but sees the company selling NFTs in the future.
In the interview, Jassy stated that he believes NFTs have started to take off and expects the non-fungibles to continue growing. Jassy thinks that crypto and NFTs will become bigger and more widely adopted over time. He also stated that Amazon might integrate crypto payments in the future.
Amazon’s Entrance into Web3 through NFTs
This is not the first time that Amazon’s interest in NFTs and cryptocurrencies has been rumored. In July 2022, Amazon posted a job posting for a digital currency and blockchain product lead, sparking rumors that the company may be looking to incorporate crypto into its platform. However, Amazon soon denied these claims after a London business newspaper made them.
According to a recent report by BlockWorks, Amazon is finally ready to unveil its digital assets enterprise in the spring of 2023. The company has been maneuvering at the perimeter of Web3 technology for some time and is now set to introduce a gaming-focused non-fungible token enterprise. It’s said that one example of its NFT scheme that Amazon is currently developing is allowing its customers to play blockchain-based games. There will also be free NFTs up for grabs.
No concrete Details on the NFT Platform Yet
Several executives at Amazon are said to be involved in the NFT push, and in recent months, they have reached out to one of the company’s units. The plan was initially to carry out at least one NFT drop with an artist, but it has since advanced significantly. Although it’s still determined who is leading Amazon’s NFT initiative, sources have shared that the platform may not be operated on the company’s own Amazon Web Services (AWS).
The impact of Amazon entering the NFT space could be significant, given the company’s size and reach. If Amazon executes this right, it could substantially impact existing players in the space. The retail giant’s entrance into the NFT space could further legitimize NFTs and bring them to the mainstream.
It’s important to note that there is still no concrete detail about Amazon’s NFT initiative, and the company needs to comment on the recent reports. However, recent reports suggest that Amazon may enter the NFT as soon as 2023. It will be essential to keep an eye on who Amazon’s blockchain partner will be and how they will integrate with the existing NFT ecosystem.