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According to a Thursday report, Amazon is preparing an initiative focused on NFTs and Web3 gaming. Allegedly, the plan is still in its early stages and the company is expected to make an official announcement on the project in April.
Amazon to Enter Web3 Gaming
A report from January 26th revealed that Amazon is working on an enterprise focused on digital assets. Allegedly, the project will have Web3 gaming as its core and offer NFTs as rewards to players. The report also states that Amazon’s initiative is in the relatively early stages of development and the firm is expecting to make an official announcement in April.
Allegedly, this is just one of Amazon’s Web3-focused projects, though it is unclear if the firm is committed to any of them. The company has, however, been steadily pushing into digital assets over the past years. Last Summer, Amazon partnered with VeChain to help improve its scalability, security, and other capabilities.
More recently, it was revealed that Amazon, through AWS, entered into a “cooperation” with Ava Labs. Late 2021 also saw a scam attempting to take advantage of rumors surrounding Amazon’s expansion in digital assets when fraudulent claims of the launch of the firm’s cryptocurrency started circulating.
More Established Firms Interested in NFTs
While much of 2022 is seen as the “crypto winter”, many established companies sought to expand both into NFTs and other cryptocurrencies. In November, a patent filing revealed Sony’s vision for a non-fungible token platform, and the investment giant Fidelity also hinted at an intent to push deeper into cryptocurrencies and Web3.
Nike also saw success with their shoe-focused NFTs with them achieving a revenue of $185 million already in August. In early 2023, the famous car maker Porsche seemingly had less success with its non-fungible collection based on the iconic 911 model, though its volume did reach $5 million on January 26th, despite a premature halt to the mint on the 25th.
In January, Web3 also saw a humanitarian addition from a famous pet food maker. On Wednesday, Pedigree announced the launch of its Fosterveste on Decentraland—an initiative intended to help boost the number of dogs getting adopted from shelters by allowing virtual land owners to adopt dogs in the metaverse.
Are you excited by the prospect of an Amazon Web3 game? Let us know in the comments below.