Amazon is set to release an NFT initiative centred on blockchain gaming this year. This initiative from the e-commerce giants will have its customers playing blockchain-based games and earn NFTs in rewards.
Contrary to many expectations, Coinspeaker reports that the company plans to process the platform out of Amazon rather than Amazon Web Services (AWS), its subsidiary that provides an evolving cloud computing platform.
The initiative is still in its early phases but is expected to launch as soon as April. this year.
According to reports, the company has been shopping the digital collectibles market for power players in the industry. Those entities are layer-1 blockchains, developers, digital asset exchanges, and blockchain-based gaming startups. “
“Amazon coming into the space is a big one for crypto for many reasons,” one source said.
“We knew it was possible,” the source said. “But now it seems like it’s happening.” That will affect the existing players in the space if they execute, do this right, and are smart about it. It is palpable that this is an avenue for the company to make a grand entry into the Web3 space via its NFT initiative.
Amazon’s Advancing Plan into Web3 space
CEO Andy Jassy has previously expressed his belief in NFT growth and that the company might start selling them. He added that Amazon would also stay open for cryptos.
“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.”
The first time Amazon showed interest in Web3 technologies was in the spring of 2022 when the company opened blockchain-related job roles for the Amazon Web Services (AWS) team. However, the company’s Web3 plan has advanced greatly since that time.
Who oversees the firm’s NFT project in terms of personnel is not immediately apparent. The platform, which would support some NFT gaming activities, is still being developed. A source mentioned that Amazon has recently looked into many other Web3 projects. Several internal hires would likely be a prerequisite for both the platform and Amazon’s additional crypto forays.
While occasionally posting positions for developers and engineers in the Web3 industry, Amazon Web Services is less well-recognized for exploring the cryptocurrency and blockchain sectors. After being introduced in 2013, the Amazon Coins program is still operating, but it functions more like a standard loyalty program than a cryptocurrency project.
Read Also: Here are 3 cheap NFTs to buy in 2023
The full scope of Amazon’s Web3 aims and ultimate objectives is also up for debate. It’s unclear whether the firm plans to compete with companies like OpenSea and Rarible; according to two insiders, both would consider a successful launch a serious threat.
According to one source, “Amazon could make a major splash in the NFT sector with the [number] of clients they have.”
In December 2022, Prime released a new documentary series, “NFTMe”, which introduces NFTs. The show features artists, collectors, and industry professionals worldwide who share their experiences with NFTs and how the merger between art and technology has positively affected their daily lives.
Produced by award-winning production house Tech Talk Media and directed by award-winning director Jonny Caplan, NFTMe has featured over 50 guests in its first season. Among them are Peter Rafelson and Cheryl Douglas, Queen Diambi of Congo, Refik Anadol, Susaye Greene, and more. All of them have NFT experience. They speak on Web3 and NFTs and explain how NFTs have positively impacted their lives.
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