• Wed. Jun 19th, 2024

Amazon Aims To Enter Non-Fungible Token Market, Takes A Gaming Initiative



Jan 28, 2023

Amazon is aiming to enter the non-fungible token market and it wants to do the same for the Web3 gaming industry.

Amazon has finally decided to take the initiative of entering the digital assets market. It has decided to do it through a different approach.

Instead of investing in cryptocurrencies, it has decided to go for the most popular crypto segments, the NFTs and Web3.

Amazon Wants to Launch a New Enterprise

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Amazon is the largest e-commerce platform and it is known for doing things on a large scale. Whenever it enters a segment or an enterprise, it likes to do things with a big bang.

This time as well, Amazon wants to go all out as it enters the digital asset market. It wants to launch an enterprise that invests heavily in the NFT and Web3 gaming industry.

The company has announced that they are aiming to launch their new enterprise in the spring of this year. The report has been published by Blockworks, which acquired it from four anonymous sources.

The initiative is in the Early Stages

According to the sources, their new initiative is still in the early stages and they are still taking it through the development phase.

For now, Amazon has not made any announcement and they may soon make an announcement on the matter.

The sources have claimed that Amazon may make an announcement in April of 2023, confirming what they have been up to.

It has been claimed that Amazon is not working on the development of the enterprise on its own. It has several other companies and partners working alongside it.

There are reports that many other companies are eager to partner with Amazon in order to work on the development of the project.

The companies and entities wanting to partner with Amazon include digital asset exchanges, developers, and gaming startups using blockchain technology. Even the layer-1 blockchain networks are eager to partner with Amazon.

Crypto Games and NFT Rewards

From the looks of it, Amazon is eager to enter the gaming and the NFT segments of the crypto-blockchain industry.

The company wants to bring its users and the crypto market to play its games based on the cryptocurrency models.

While playing the games, the users will be able to win non-fungible tokens. They will be able to collect free NFTs based on their interactions with the crypto games.

There are rumors that Amazon may already be working with several NFT artists and may soon hold an NFT drop for the users.

However, for the particular event, the company may come up with a single NFT collection from one NFT artist.

Amazon is on Talent Hunt

It is important to note that Amazon has been wanting to gain exposure in particular segments for a while. According to history, Amazon has been wanting to learn about these technologies since 2021.

It was back in 2021 when Amazon started posting for job roles in the engineers and developers segment. These job roles were specifically for the blockchain, NFT, and Web3 segments.

In the same year, Amazon posted a job for Blockchain Product and Digital Currency Lead.

The company also added the requirement that the applicant must have a deep understanding of cryptocurrency and the digital asset ecosystem.

Statement by Andy Jassy

Andy Jassy, the CEO of Amazon made a statement about cryptocurrencies and NFTs in April 2022.

Jassy stated that Amazon is highly optimistic about the future of NFTs and cryptocurrencies. At that time Jassy had made it clear that Amazon was not planning to adopt cryptocurrencies as a payment method.

Turns out, the platform started accepting cryptocurrency payments in the mid of 2022. This goes to show that Amazon is willing to adopt cryptocurrencies and all other segments it has to offer.

Amazon has mentioned that it will be using AWS technology and incorporating it into blockchain technology to increase its capabilities.


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