Amazon is reportedly launching a digital assets enterprise, with an NFT initiative set to be made public in the spring. According to Blockworks who broke the news last Thursday, the focus is said to be on blockchain-based gaming and related NFT applications. The effort is still in development and the specific details of the platform and Amazon’s end goals are not yet clear. However, it is expected that the platform will run out of Amazon, rather than its web-hosting platform, Amazon Web Services (AWS).
This move into the crypto and blockchain arena would be a significant development for the industry and could pose a significant threat to existing players in the space if Amazon executes it correctly. Amazon’s entry into the space is expected to be a big one for crypto, as it has a huge customer base. The company could potentially compete with existing players in the space such as OpenSea and Rarible, but it’s not yet clear if that’s its intention.
The CEO of Amazon, Andy Jassy, has previously stated that he is open to the company selling NFTs and that the company is not closing the door to cryptocurrencies generally. This move towards NFTs and crypto would be a significant shift for the company, as it has not previously been heavily involved in these areas.
One example of an initiative that Amazon is said to be working on is getting its customers to play crypto games and claim free NFTs in the process. The company could also potentially use its existing e-commerce platform to sell NFTs and other digital assets, giving customers a one-stop shop for all their digital needs.
The NFT space is still relatively new and constantly evolving, and it remains to be seen how Amazon will approach the market and what exactly its end goals are. The company’s entry into the space could bring more mainstream attention and adoption to NFTs and crypto, which could be a positive development for the industry as a whole.
It’s unclear exactly when Amazon plans to make its NFT initiative public, but it’s reported that April is a potential date. The company has reportedly been reaching out to power players in the industry to gauge interest and potential partnerships for the initiative. The industry will be keeping a close eye on Amazon’s developments in this area and will be eager to see how the company plans to make use of its vast resources to make an impact in the NFT and crypto space.