Amazon Working Hard To Launch New NFT Initiative

Key Points:

• Amazon is starting a digital assets business, and an NFT project is anticipated for the spring.
• According to a number of insiders, Amazon has been courting major participants in the market with its digital collectibles push.
• Layer-1 blockchains, blockchain-based game businesses and developers, and digital asset exchanges are reportedly included among those entities.

According to Blockworks, which cited four persons familiar with the plans, Amazon is preparing to launch a new project utilizing non-fungible tokens in the spring.

The IT giant has more than a dozen partners lined up for the project, which will concentrate on gaming. One instance may be a campaign to encourage company consumers to participate in cryptocurrency games and win free NFTs.

According to a number of insiders, the company has been courting major participants in the market with its digital collectibles push. Layer-1 blockchains, blockchain-based game startups and developers, and digital asset exchanges are reportedly included among those entities. According to two sources, there is an emphasis on blockchain-based gaming and associated NFT applications.

The initiative is still in the development stage and might begin in April. Blockworks was informed by two sources that Amazon, not Amazon Web Services, a division of Amazon, would house the platform’s operations.

One source claims that one example is persuading Amazon consumers to play crypto games and earn free NFTs as a result.

Sources said that the endeavor is still under development. The e-commerce behemoth appears to have planned to announce its audacious crypto plans in April.

The company executives behind the initiative have recently contacted at least one family office. According to the same source, the initial plan included doing at least one NFT drop with an artist. Since then, Amazon’s Web3 design seems to have undergone tremendous development.

A fifth source mentioned that Amazon has recently been looking at many other Web3 projects. A number of internal employees would probably be a requirement for both the platform and the company’s subsequent explorations into cryptocurrency, one insider added.

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Harold

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