Amazon is set to launch an NFT initiative focused on blockchain gaming this year. This initiative from the e-commerce giants will see their customers play blockchain-based games and earn NFTs in rewards.
Contrary to many expectations, Coinspeaker reports that the company plans to process the platform outside of Amazon instead of Amazon Web Services (AWS), its subsidiary that provides an evolving cloud computing platform.
The initiative is still in its early stages, but is expected to launch in April. this year.
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The company has reportedly been buying into the digital collectibles market for the power players in the industry. Those entities are layer 1 blockchains, developers, digital asset exchanges, and blockchain-based gaming startups. “
“Amazon’s arrival in the space is important for cryptocurrencies for many reasons,” a source said.
“We knew it was possible,” the source said. “But now it looks like it’s happening.” That will affect existing players in the space if they execute, execute well, and are smart about it. It is palpable that this is an avenue for the company to make a grand entry into the Web3 space through its NFT initiative.
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Amazon Advance Plan in web3 space
CEO Andy Jassy previously expressed his belief in the growth of NFTs and that the company could start selling them. He added that Amazon would also remain open for cryptocurrencies.
“I expect NFTs to continue to grow very significantly. We’re probably not close to adding cryptocurrency as a payment mechanism in our retail business, but I think over time you’ll see cryptocurrency get bigger and Amazon may integrate cryptocurrency payments.”
Amazon first showed interest in Web3 technologies in the spring of 2022, when the company opened blockchain-related jobs for the Amazon Web Services (AWS) team. However, the company’s Web3 plan has come a long way since then.
It is not immediately known who oversees the company’s NFT project in terms of personnel. The platform, which would support some NFT gaming activities, is still being developed. One source mentioned that Amazon has recently investigated many other Web3 projects. Several internal hires would likely be a prerequisite for both the platform and Amazon’s additional crypto forays.
While it occasionally posts positions for developers and engineers in the Web3 industry, Amazon Web Services is less well known for exploring the cryptocurrency and blockchain sectors. After being introduced in 2013, the Amazon Coins program is still up and running, but it works more like a standard loyalty program than a cryptocurrency project.
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The full scope of Amazon’s Web3 ultimate purposes and goals is also up for debate. It’s unclear if the firm plans to compete with the likes of OpenSea and Rarible; according to two experts, both would view a successful launch as a serious threat.
According to one source, “Amazon could have a big impact on the NFT sector with the [number] of customers they have.
In December 2022, Prime launched a new documentary series, “NFTMe”, featuring NFTs. The show features artists, collectors and industry professionals from around the world who share their experiences with NFTs and how the fusion of art and technology has positively affected their daily lives.
Produced by award-winning production house Tech Talk Media and directed by award-winning director Jonny Caplan, NFTMe has hosted over 50 guests in its first season. Among them are Peter Rafelson and Cheryl Douglas, Queen Diambi of the Congo, Refik Anadol, Susaye Greene and more. All of them have experience in NFT. They talk about Web3 and NFTs and explain how NFTs have had a positive impact on their lives.