Amazon is preparing to launch its first digital business through an NFT initiative. Sources indicate that Amazon will debut blockchain-based gaming and other NFT applications in the spring of 2023.
Quick Take:
- Amazon has reportedly been pitching its idea of digital collectibles to some of the biggest names in the business.
- The e-commerce giant may reveal its massive crypto plans in April.
- Ava Labs, the company behind the Avalanche blockchain, recently signed an agreement with Amazon Web Services.
What is Amazon Introducing to the NFT market?
According to reports, Amazon’s NFT initiative will be a “digital assets enterprise” that requires further definition. The initiative is anticipated to centre on blockchain-based gaming that rewards participants with NFTs.
In addition to examining digital collectibles and other web3 products, such as layer-1 products, blockchain gaming startups, and digital asset exchanges, the company has also considered digital collectibles. In the coming months, the public expects to learn more about Amazon’s NFT plans.
Ava Labs, the company behind the Avalanche blockchain, has partnered with Amazon. Given that, Ava Labs announced plans to add a Subnet launch for Amazon’s NFT plans in a press release. This move demonstrates the growing interest in blockchain technology among major corporations across a wide range of industries.
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Furthermore, the addition of Ava Labs’ technology simplifies business access to and utilization of blockchain technology. Besides that, this collaboration will allow individuals to use custom Subnets dedicated to the NFT initiative.
The Strategy
It is not surprising that Amazon has entered the NFT market. Andy Jassy, the company’s CEO, stated in an interview that he believed the company would sell NFTs someday. The e-commerce giant’s significant foray into the NFT world raises hopes that the comapany will make a name for itself in the web3 space.
Executives of Amazon who are in charge of overseeing the operations are working around the clock to meet the established benchmarks. According to one source, the executives met with a famous artist working on an NFT within the past few months. Despite the fact that the original plan was for an artist to drop an NFT, another source has revealed that the program has evolved significantly over time, allowing the addition of other attributes to enhance its initiative.
According to two sources, the group spearheading the NFT initiative must be specified. In addition, they indicated that the implementers may use Amazon itself as the host instead of Amazon Web Services (AWS), the most common host for Amazon websites.
The Impacts of Amazon’s NFT Dream
Established marketplaces, such as OpenSea, will perceive Amazon’s entry into the Web3 arena as a threat. The Blockworks reported that two sources viewed the successful launch as a significant threat to existing platforms due to Amazon’s vast market share.
Plus, Dune Analytics reports that over 2.5 million people utilize the OpenSea marketplace. Implementing Amazon’s platform will result in an increase in the number of customers.
Amazon partnered with Ava Labs, the developer of the Avalanche blockchain, two weeks ago. The action heated up the cryptocurrency industry. The collaboration between Ava Labs and AWS enables thousands of businesses to connect to the network.
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