Amazon to enter crypto NFT market with gaming initiative Here’s what you need to know

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Image source: Unsplash

Amazon is reportedly aiming to get into NFT and Web3 games with an upcoming initiative related to digital assets.

The world’s largest retailer plans to launch a “digital asset business” this spring focused on non-fungible tokens and Web3 games, Blockworks reported Thursday, citing four unnamed sources familiar with Amazon’s intentions.

According to the report, Amazon’s initiative is in its early development stages and the company expects to make an official announcement in April. Additionally, the e-commerce giant has more than a dozen partners lined up for the project, including layer-1 blockchains, blockchain-based game startups and developers, and digital asset exchanges.

“An ongoing example, per one source: getting Amazon customers to play crypto games and claiming free NFTs in the process,” the report said, adding that Amazon executives leading the initiative have contacted at least one family office in recent months. . They also reportedly planned to conduct an NFT drop with an artist.

It should be noted that Amazon has been posting positions for developers and engineers in the Web3 field since 2021. At the time, the company posted a vacancy looking for a “Digital Currency Product Manager and of blockchain”, with an in-depth understanding of the digital cryptocurrency ecosystem. .

In April last year, Amazon CEO Andy Jassy told CNBC that he was optimistic about the future of cryptocurrencies and NFTs. At the time, he said the e-commerce giant wasn’t considering adding crypto payments, but he said he “believes that over time you’ll see crypto get bigger.”

“You know, I expect NFTs to continue to grow very significantly,” Jassy said, adding that he could see a future where the e-commerce giant sells NFTs.

More recently, it was revealed that Amazon, through AWS, entered into a “cooperation” with Ava Labs to accelerate the adoption of blockchain technology in various industries. AWS intends to make one-click node deployments available to support Avalanche’s decentralized infrastructure and applications (DApps) ecosystem.

Aside from Amazon, a number of other major consumer companies have also announced plans to expand into both NFTs and other cryptocurrencies over the past year.

In November, a patent filing revealed Sony’s vision for a system that could be used to track the creation, use and transfer of digital assets created in a game. The patent envisions a system to “create, modify, track, authenticate and/or transfer unique digital assets” associated with video games.

Additionally, investment giant Fidelity has also hinted at its plans to go deeper into cryptocurrencies and Web3 with three new trademarks filed in December last year. The repositories focus on NFTs and virtual worlds like the Metaverse.

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