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As per the latest market reports, tech giant Amazon is willing to enter the emerging space of non-fungible tokens (NFTs) and would likely unveil its NFT initiative as soon as the spring season.
Sources familiar with the matter added that Amazon is looking to push further its digital collectibles effort adding that the current focus will be on blockchain-based gaming as well as NFT-related applications. As per one of the sources, Amazon will allow customers to play crypto games and thus claim free NFTs in the process.
However, this effort is still in the developing and its could be anywhere around April 2023 where the e-commerce giant could unveil its bold crypto ambitions in the public. One of the source familiar with the matter told Blockworks: Amazon “coming into the space” is “a big one” for crypto “for many different reasons. 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.”
As per the sources, Amazon executives leading this project have reached out to at least one family office during the recent months. Earlier, the plan for Amazon was to do at least one NFT drop with an artist, however, the Amazon’s Web3 blueprint has evolved significantly since then, noted the source.
There are not much details as to who will be leading Amazon’s NFT initiative. Besides, details about the platform hosting this entire NFT initiative are also scant. But two sources familiar with the matter said that the initiative would run on Amazon proper, instead of its popular web-hosting platform, Amazon Web Services (AWS).
An additional sources also stated that Amazon has been exploring a number of Web3 initiatives off-lately. Last year in April 2022, Amazon CEO Andy Jassy stated that the company is open to selling NFTs and won’t be closing the doors for digital assets.
“I think NFTs have really started to take off. 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 that you’ll see crypto become bigger and—it’s possible [that Amazon ingrates crypto payments],” he said.
With its NFT initiative, Amazon will be directly competing with the top NFT marketplaces like OpenSea and Rarible. “With the [number] of customers Amazon has, they could make a huge splash in the NFT marketplace,” one source said.