Connect with us

Hi, what are you looking for?

Bytes

Amazon is Low-key Working on its NFT Initiative

Amazon’s foray into the digital collectable space with its NFT Initiative is “a big one” for crypto

Behemoth e-commerce company Amazon is reportedly launching a digital assets enterprise that’ll commence with an NFT initiative. This is expected to release in spring.

As reported by Blockworks, the company has been making behind-the-scenes efforts to launch its very own digital collectables. According to multiple sources this will include entities like layer-1 blockchains, blockchain-based gaming startups and developers, and digital asset exchanges.

According to two sources, there’s a focus on blockchain-based gaming as well as NFT-related applications. Another source revealed that one example that is currently in the works is to get Amazon customers to play more crypto games and claim free NFTs.

Crypto possibilities

Although the company’s digital collectable plans are still developing, April is looking like the month when the e-commerce giant will make its crypto ambitions public.

One source commented that 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.”

A source even revealed that Amazon executives leading the push have reached out to a family office in recent months. Adding that the plan, as of then, was to do at least one NFT drop with an artist. However, the company’s Web3 blueprint has since evolved massively.

NFTs incoming?

The company has supposedly been exploring various Web3 initiatives lately. When it comes to both the platform and the company’s crypto ambition, it would need a certain number of internal hires as a prerequisite, said another source.

Amazon CEO Andy Jassy previously stated that he is open to the company selling NFTs. He also claimed that Amazon is not shutting its doors to crypto in general.

While nothing has been made official by the e-commerce giants, it’s looking clear why Amazon would want to join other behemoth companies in creating its very own NFT initiative and bringing its crypto ambitions to life.

Written By

Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.

You May Also Like

Level Up

Eager to be at the metaverse frontier, but not sure how to get started? As exciting as the idea of a shared digital space...

Bytes

New blockchain gaming platform based on Unreal Engine 5.

Bytes

The record for the most expensive land sale in the metaverse has just been raised

Bytes

Fashion brand teams up with proto-metaverse for two new eyewear options, the Helux and Hydra

Advertisement
Advertisement

Subscribe to the future

Advertisement