Amazon may soon be the last Fortune 500 company to venture into NFTs. As reported today, the e-commerce giant plans to launch a “cryptocurrency initiative,” aka an NFT initiative, this spring. According to an anonymous source spoken to by the publication, the company’s focus will be on blockchain-based games that reward players with NFTs. Here are the details…
Amazon’s NFT projects draw attention
According to the report, the platform is allegedly going extinct against Amazon Web Services (AWS), although it is still unclear who bears the responsibility in terms of personnel. This news follows AWS’ recent partnership with Ava Labs, the company behind Avalanche Blockchain. In a press release at the time, the teams stated that Ava Labs plans to add Subnet deployment as a managed service to the AWS Marketplace, allowing individuals to launch private Subnets in just a few clicks. Emin Gün Sirer, Founder and CEO of Ava Labs, used the following statements:
For both individual and enterprise developers being able to launch nodes and test networks with AWS has been a huge boon in the legal jurisdiction that made the most sense to them.
To that end, this latest NFT news is Amazon’s final step into the Web3 world. This is a step that many have seen coming. Amazon CEO Andy Jassy stated in a Squawkbox interview on CNBC in April 2022 that he believed the company would one day sell NFT. “I expect NFTs to continue to grow very significantly. “We are probably not close to adding crypto as a payment mechanism in our retail business, but I believe you will see crypto grow bigger over time.” Asked if she could see Amazon selling NFT, Jessy replied, “Yeah, I think it will be soon.”
Amazon signals spring for cryptocurrency project
This latest plan appears to be a new evolution of Amazon’s previously rumored efforts to collaborate with established Web3 artists. Previously, Amazon was involved in the NFT space through a series called NFTMe, which explores NFT culture and corruption around the world. While little is known about Amazon’s impending foray into NFTs, aside from what anonymous sources say, the company will likely share more information with the public in the coming months, as April appears to be the tentative release date for these current efforts.
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