Amazon, the Tech Giant, is reportedly preparing to enter the world of digital assets and non-fungible tokens (NFTs). According to sources familiar with the matter, Amazon is launching a digital assets enterprise, and its NFT initiative is expected to launch as early as spring 2023.
Amazon’s digital collectibles effort is focused on encouraging customers to play crypto games and claim free NFTs in return. The company is also said to be putting a major focus on blockchain-based gaming and other related NFT applications. However, the platform for Amazon’s NFT gaming initiatives is not yet known, but sources say it won’t be running on Amazon Web Services (AWS).
Amazon CEO Andy Jassy has previously stated that the company is open to selling digital assets in the future, and with the number of customers Amazon has, it could make a significant impact in the NFT marketplace. The company has also been forming key partnerships in the crypto space, such as its partnership with Ava Labs to scale blockchain adoption for enterprises, institutions, and governments.
The NFT market is relatively new and rapidly growing, with many marketplaces such as OpenSea and Rarible gaining popularity. Amazon’s entry into the market is expected to give tough competition to existing players, and it will be interesting to see how the market evolves with Amazon’s entry.
It is worth noting that these efforts are still in the making and Amazon’s crypto ambitions may become public by April 2023. Amazon “coming into the space” is “a big one” for crypto “for many different reasons”, as per a crypto source. It will be exciting to see how Amazon executes its plans and how it will affect the existing players in the space.
In conclusion, Amazon’s entry into the digital assets and NFT market is a significant development and is likely to shake up the existing market. With its vast customer base and partnerships in the crypto space, Amazon has the potential to become a major player in the NFT market. It will be exciting to see how the market evolves with Amazon’s entry.
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