January 30, 2023

Amazon Explores Entering NFTs, Blockchain

Amazon Explores Entering NFTs, Blockchain Featured Image

E-commerce tycoon Amazon is exploring opportunities to enter the Web3 world by launching an NFT initiative this spring.

According to Blockworks website, Amazon is knocking doors of Web 3 companies to build blockchain-based games and NFT applications. Among these companies are layer-1 blockchains, blockchain-based gaming startups and developers and digital asset exchanges, two sources familiar with the matter said.

A source told the website that NFTs and blockchain-based gaming would likely be run on the Amazon site rather than the Amazon Web Services (AWS), adding April is expected to be the time in which Amazon will announce its NFT initiative for the public.

“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 source went on saying.

The source predicted that Amazon’s release of NFTs will cause a big buzz in the NFT marketplaces due to its number of consumers.

Earlier, CEO of Amazon Andy Jassy has said his company is open to curating and selling its own NFTs and the potential of adopting various cryptocurrencies. Also, Amazon partnered with Avalanche blockchain developer Ava Labs to facilitate a crypto infrastructure for the e-commerce platform, AWS, to allow users to engage with its specialized ‘Subnets’ technology.

Tags :
Author profile

Whether you want to learn about NFT, Blockchain, Web3.0, Metaverse, or any other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.