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Amazon to Introduce its Own NFT Initiative Soon

This time, Blockworks claims that Amazon is preparing to launch an NFT effort in the spring of 2023 that “may make a significant splash.” The internet giant is working on a digital assets business, mainly focusing on NFT applications relating to blockchain-based games.

According to many credible sources, Amazon has been actively pitching its digital collectibles initiative to various significant industry players. Layer-1 blockchains, blockchain-based game businesses and developers, and digital asset exchanges are all mentioned as part of this group. Two sources have mentioned that blockchain-based gaming and associated NFT applications are receiving special attention.

Let’s explore more about what is expected with this initiative by Amazon:

Amazon Stepping in the Web3 Space: 

According to one source, the fact that Amazon is “moving into the space” is “a significant one” for cryptocurrency “for many different reasons.”

According to one of the individuals, senior executives from Amazon leading the effort have been in contact with at least one family office in recent months. According to the same source, the idea at the time was to collaborate on at least one NFT drop with a different artist. This strategy existed in an earlier form. It would appear that Amazon’s Web3 blueprint has undergone significant development since then.

It was not immediately obvious who was heading Amazon’s New Flow Trading project in terms of personnel. Two sources have reported that the platform is scheduled to function off of Amazon itself instead of the company’s current web-hosting platform, Amazon Web Services. Although details regarding the platform, which will incorporate specific NFT gaming activities, are still being developed (AWS).

According to a fifth source, Amazon has reportedly been investigating several other Web3 efforts as of late. According to one insider, for Amazon to move on with its platform and other crypto-related endeavours, it will likely need to make several internal recruits.

Although Amazon Web Services has occasionally advertised positions for software developers and engineers in the Web3 domain, the online retailer is not nearly as well recognized for exploring the cryptocurrency or blockchain industries. Following its launch in 2013, the Amazon Coins program is still active, even though it is more analogous to a standard customer loyalty program than a cryptocurrency project.

Amazon’s Chief Executive Officer, Andy Jassy, has stated in the past that he is open to the possibility of the corporation selling non-fungible tokens (NFTs) and that Amazon is not closing the door to cryptocurrencies in general.

So, will Amazon’s step into the Web3 market with its NFT initiative be the next big thing? What are your views on this? 

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