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e-commerce giant, Amazon, seems poised to enter Web3 territory, thanks to a rumored NFT initiative. The company hasn’t revealed full details yet, but sources say it’s set to launch this spring. The company intends to launch a digital asset company and to support this it is looking for potential partners to assist in the process.
The company is investigating various layer 1 blockchains, gaming startups and digital asset exchanges. In addition to keeping an eye on developers within the realm. That said, it’s becoming clear that the company’s efforts are focused. Blockchain-based games and related NFT applications One aspect of the initiative is to allow Amazon customers to play cryptocurrency games and claim free NFTs for their efforts, according to sources.
The company plans to clarify its intentions from April. Another source believes this will be a big problem for the crypto space as a whole. Many existing players will feel the heat when Amazon enters the Web3 realm. “If they do, do it right and be smart about it.”
To get the ball rolling, company executives are believed to have recently reached out to at least one family office. Initial plans included doing at least one NFT drop with the artist. . However, these plans have evolved significantly.
Until now, the company’s web hosting service posted job openings for developers and engineers in the Web3 domain. It recently cemented its stance through its web services division by announcing a partnership with the Avalanche blockchain.
That said, the company has been working on its own coin program since 2013 as a loyalty program rather than a crypto initiative. It remains to be seen what impact this will have on the industry as a whole.
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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Basil is an avid fan of blockchain technology and all its innovations, and is passionate about sharing this story with his audience. He has spent over five years in the crypto space, specializing in research and creating his Web3 content for various media outlets around the world. His work has been published on top his websites such as NFT Plazas, usethebitcoin.com and the European Blockchain Convention. When not thinking about disruptive technology, Basil is busy exploring the outdoors.
