Retail Giant Amazon To Launch NFT Initiative

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Amazon, the biggest online retailer in the world, is apparently intending to join the Web3 market with a series of “digital assets enterprise” activities that involve encouraging Amazon consumers to play cryptocurrency games and rewarding them with NFTs.

The retail behemoth has been purchasing digital collectibles businesses from various participants in the crypto ecosystem, according to sources consulted by the media outlet Blockworks, to fuel its new initiative.

Amazon has engaged developers from NFT companies and crypto exchanges and invested in layer-1 blockchains and crypto gaming startups for its own blockchain branch.

Amazon to enter Web3 gaming with Ava Labs.

According to a story from January 26th, Amazon is developing a business that specializes in digital assets. According to reports, the project’s central component will be Web3 gaming, and gamers will receive NFTs as incentives. According to the article, Amazon’s effort is still in its early phases of development, and the company plans to announce it in April officially.

Although it is unknown if the company is dedicated to any of them, it is said that this is simply one of Amazon’s Web3-focused projects. But over the past few years, the corporation has significantly increased its focus on digital assets.

More recently, it was made public that Amazon and Ava Labs had a “cooperation” through AWS.

CEO’s words on NFT

The corporation will eventually sell NFTs, according to Andy Jassy, the new CEO of Amazon, who spoke on CNBC’s Squawkbox in April last year.

“I expect that NFTs will continue to grow very significantly. We’re probably not close to adding crypto as a payment mechanism in our retail business, but I believe over time that you’ll see crypto become bigger,” he said. 

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