Biggest Ecommerce Giant Amazon to Launch NFT Initiative

Amazon, a major technology company, is continuing to make strides in the cryptocurrency industry. A recent report from Blockworks, a cryptocurrency news outlet, states that Amazon will be launching a non-fungible token (NFT) program in the spring of 2023. The report is based on information from multiple sources familiar with the situation. According to Blockworks, Amazon has partnered with more than ten crypto projects to aid in the development of its NFT initiative. This move is expected to reinvigorate the NFT market, which has seen a decrease in activity since its peak in 2021.

According to a recent report, Amazon is planning to enter the world of cryptocurrency by launching a non-fungible token (NFT) gaming initiative. The e-commerce giant is said to be focusing on different sectors, with plans to dabble in NFT gaming. The platform will reward players with unique NFT items. Amazon already offers its Prime service subscribers access to a video game platform, where members can access the platform’s catalog and receive monthly rewards, including AAA games.

The new NFT initiative could enhance the service by providing new rewards and attracting new users. The NFT platform is currently in development and may run on the main Amazon platform instead of Amazon Web Services (AWS), according to Blockworks. The company may reveal more information in April 2023, but there has been no official statement from Amazon or its executives. Amazon is not the first big technology company to have ambitions in the crypto world, with companies such as Meta, Twitter, and others already launching their crypto initiatives, allowing their users to interact with digital assets.
In the e-commerce and online purchases sector, its competitor, eBay, has also made significant efforts to establish a strong presence in the nascent sector, by purchasing the NFT marketplace KnownOrigin. The e-commerce platform is targeting a “much bigger audience” to become a “truly worldwide platform.” Amazon may be pursuing similar objectives.
Two weeks ago, Amazon drew attention in the cryptocurrency industry by announcing a partnership with Ava Labs, the creator of the Avalanche blockchain. As part of the partnership, Ava Labs will work with Amazon Web Services (AWS) to provide thousands of businesses access to the Avalanche network. At the time of the announcement, Howard Wring, Vice President and Global Head of Startups at AWS, said:
“Looking forward, web3 and blockchain are inevitable. No one can predict the exact time or date when it will become mainstream, but we’ve seen this kind of growth before. This time, it seems to be happening at an accelerated pace, and we’re excited to be a part of it.


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