eCommerce Giant, Amazon, looks set to enter the Web3 realm thanks to a rumored NFT initiative. The company has yet to reveal the full details, but informed sources say it will start this spring. The company intends to launch a digital asset venture, and to support this, it has been looking for potential partners to help it on its way.
The company is exploring various Layer 1 blockchains, gaming startups, and digital asset exchanges. As well as looking at developers within the realm. That said, it is becoming clear that the company’s efforts are focused on “blockchain-based games and related NFT applications”. According to the sources, one aspect of the initiative is to allow Amazon customers to play cryptocurrency games and claim free NFTs for their efforts.
The company is expected to make its intentions clear starting in April. Another source believes that this will be a big problem for the entire crypto space. If Amazon enters the Web3 space, many existing players will feel the heat, “If you execute, do it right and be smart about it.”
To get things rolling, company executives are believed to have reached out to at least one family office recently. Initial plans included doing at least one NFT drop with an artist; however, these plans have evolved significantly.
Amazon is experimenting with cryptocurrency for the first time
In the past, the company’s web host has posted jobs for developers and engineers in the Web3 realm. It recently solidified its stance through its web services arm by announcing a partnership forged with the Avalanche blockchain.
That being said, the company has been working on its own coin program since 2013 more of a loyalty program than a crypto initiative. Moving forward though, it remains to be seen what this NFT initiative will be about, who will be in charge of it, and what impact it will have on the entire industry.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world. His work has been published on major websites such as NFT Plazas, usethebitcoin.com, the European Blockchain Convention, and many others. When he’s not thinking about disruptive technologies, Basil is busy exploring the great outdoors.
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