Amazon to launch gaming-focused NFT initiative

E-commerce giant Amazon is launching an $NFT initiative focusing on blockchain gaming and related NFTs in the spring of 2023, according to a Blockworks report.

The initiative is still in the development stage, but the deadline for the launch is set as April, according to information from four anonymous individuals shared with Blockworks. One of the use cases will allow Amazon users to play blockchain-based games and claim free NFTs, one source claimed.

Evolving plans

In recent months, Amazon executives leading the initiative reached out to at least one family office, according to Blockworks. Even though the plan was to do at least one $NFT collection drop with an artist, it quickly evolved into what it is today.

One of the sources stated:

“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.”

The new initiative will be launched on “Amazon proper,” even though Amazon’s popular web hosting platform — Amazon Web Services (AWS) — posted job ads for Web3 developers over the past few months.

Amazon launched its loyalty-based coins program in 2013, which continues to exist separately from the new $NFT initiative.

On April 2022, Amazon CEO Andy Jassy joined CNBC’s Squawk Box. Jassy said that he expected the $NFT market to grow further and that Amazon could add crypto payments.

“I expect that NFTs will continue to grow very significantly. We’re not probably close to adding crypto as a payment mechanism in our retail business. But I do believe over time you’ll see crypto become and it’s possible … it’s possible down the road,”