Amazon is set to dive into Web3 through an NFT program this spring
Tech giant Amazon is set to launch its first digital enterprise through an NFT initiative. Sources reveal that the 2023 spring Amazon will debut blockchain-based gaming and other NFT applications.
Amazon’s NFT big dream coming true
According to recent sources, Amazon wants to solidify its position in web3 by launching blockchain-based gaming with NFT applications. The sources revealed that the company is developing a layered platform to enable digital gamers to collect NFT after playing a game.
The sources said that the large customer base of Amazon provides the power to implement blockchain-based games since there is plenty of enthusiasts. According to the sources, Amazon continues to develop the platform and pencils in April as the most effective period to make the big announcement to the public.
One source said the crypto development in Amazon is coming to the space and will affect the operations of other players in the industry if its implementation follows the set guidelines. The source also indicated optimism about the company creating a highly effective platform.
Amazon executives spearheading the operations are working across the clock to meet the set milestones. As one of the sources reported, the executives met with one famous artist working on an NFT in recent months. Although the original plan was to have an artist drop an NFT, one source revealed that the program has significantly changed with time, allowing the addition of other attributes to boost its initiative.
Two sources informed Blockworks that the group spearheading the NFT initiative needs to be clarified. They also said that the implementers might use Amazon proper as the host other than Amazon Web Services (AWS), the popular host for Amazon sites.
Amazon’s involvement in Web3
The giant e-commerce site has a massive following in the market and has been assigning roles to engineers and developers in the development of Web3. The company has a limited amount of experience when it comes to managing blockchain arenas and crypto-related platforms. The Amazon Coins initiative has existed since its inception in 2013. The program poses as a loyalty program other than a crypto ingenuity.
In a previous statement, Amazon CEO Andy Jassy indicated that the company was open to selling NFTs and had left an open door for integrating crypto into its ecosystem.
The consequences of Amazon NFT dream
Amazon’s entry into the Web3 arena will be viewed as a threat to established marketplaces such as OpenSea. The Blockworks reported that two sources viewed the successful launch as a significant threat to the existing platforms since Amazon commands a vast market. According to Dune Analytics, over 2.5 million people use the OpenSea marketplace. The implementation of Amazon’s platform will attract a higher number of customers.
A fortnight ago, Amazon partnered with Ava Labs, the Avalanche blockchain creator. The move raised temperatures in the crypto industry. The partnership between Ave Labs and AWS allows thousands of enterprises to reach the network.