Amazon Moves Into Web3 with New NFT Initiative

E-commerce giant, Amazon, looks set to enter the Web3 realm thanks to a rumored NFT initiative. The company is yet to disclose the full details, but sources in the know say it will kick off this spring. The company intends to launch a digital asset enterprise, and to support this, has been shopping for potential partners to help it on its way.

The company is exploring various layer-1 blockchains, gaming startups, and digital asset exchanges. In addition to eyeing developers within the realm. That said, it’s becoming clear the company’s efforts are focused on “blockchain-based gaming and related NFT applications.” According to sources, one aspect of the initiative is to let Amazon customers play cryptocurrency games and claim free NFTs for their efforts.

The company is expected to make its intentions clear starting in April. Another source believes this is going to be a big deal for the entire crypto space. If Amazon enters the Web3 space, then many existing players are going to feel the heat, “if they execute, do it right, and are smart about it.”

To get the ball rolling, company executives are believed to have reached out to at least one family office recently. Initial plans involved doing at least one NFT drop with an artist; however, these plans have evolved significantly.

Amazon Is Experimenting With Cryptocurrency For The First Time

In the past, the company’s web hosting service has posted jobs for developers and engineers in the Web3 realm. Recently solidifying its stance through its web services arm by announcing a partnership forged with the Avalanche blockchain.

That said, the company has been working on its own coin program since 2013 as more of a loyalty program than a crypto initiative. Going forward however, it remains to be seen what this NFT initiative will be all about, who will be in charge of it, and what impact it will have on the entire industry.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.