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Amazon is reportedly jumping into Web3 through its NFT initiative that is set to be launched soon. Based on the report, the e-commerce company is introducing a gaming-focused non-fungible token enterprise.
As per BlockWorks, Amazon has been maneuvering at the perimeter of Web3 technology for some time now. Four insiders who are familiar with the matter said that the company is finally ready to unveil its digital assets enterprise, and it is coming this spring.
It was 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 that will be up for grabs. One source said that the retail giant’s entrance into the space is “a big one for crypto for a number of reasons.
“We knew it was possible but now it seems like it is really happening,” the source said. “That is going to affect the existing players in the space - if they execute and do this right and are smart about it.”
In any case, it was reported that some of the executives at Amazon are leading the NFT push and in recent months, they have reached out to one of the company’s units. And in the earlier iteration, the plan was to carry out at least one NFT drop with an artist. Since then, the plan has advanced significantly.
While it was mentioned that several executives are involved in Amazon’s NFT initiative, it is not clear who is actually leading it. Moreover, sources shared that the platform may not be operated on the company’s own Amazon Web Services (AWS) but outside of its circle.
Finally, it should be noted that there is still no concrete detail about the Amazon NFT initiative. The company has not yet commented on this report either but in April of last year, Amazon’s CEO, Andy Jassy, already suggested that they may also enter the NFT and crypto space.
“I expect that NFTs will continue to grow very significantly and we were not probably close to adding crypto as a payment mechanism in our retail business,” CryptoSlate quoted Jassy as saying in a previous interview. “But I do believe over time you will see crypto and it is possible. It is possible down the road.”
Photo by: Christian Wiediger/Unsplash
