Amazon, the eCommerce giant is set to enter web3 with NFT (non-fungible token).
A report published by sources familiar with Amazon’s plans has confirmed the next move of the giant in the web3 space. It is believed that Amazon has been exploring the launch of digital assets enterprise across its retail platform instead of Amazon Web Services (AWS).
Amazon plans to focus on blockchain-based games and NFT collectibles. It is least interested in launching its own AMZ cryptocurrency since cryptocurrencies are highly volatile assets and comes with high-risk manipulation.
The crypto community is speculating about the launch of Amazon NFT marketplace. However, any move in this direction remains unclear. Interestingly, the background of the new CEO of Amazon Andy Jassy is aligned with the collectible industry.
He has five years of experience working as a project manager for MBI, a collectibles company. Further information regarding the new hires with expertise in blockchain technology and NFT has further confirmed Amazon’s entry into the web3 space.
The news came at a time when the crypto industry is facing stiff challenges from the regulators along with the longest winter cycle in the market. The volume of “minted” NFTs has plummeted by 60% after reaching all-time high in 2021.
Last year during an interview with CNBC, Jassy publicly stated that he saw NFTs in Amazon’s future. It won’t take much time for Amazon to enter and become a dominant player in this space as it plans to roll out NFT initiative in April this year.
Amazon NFT marketplace can pose a threat to existing players like OpenSea and MagicEden if it becomes a reality. It will be much easier for Amazon to launch utility-based NFTs since it has the world’s largest retail platform to back up its efforts in this space.
The Latest Crypto Headlines:
- All eyes on the Supreme Court of Panama to decide on cryptocurrency legislation
- Montenegro Central Bank partners with Ripple to help develop its CBDC
- Azuki NFT Twitter account hack drained $758K of investor’s money in 30 minutes
Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.