Amazon’s NFT Initiative to release in April 2023

Amazon is Launching digital asset enterprise! According to four sources familiar with the situation, an NFT project is scheduled to launch in the spring. This would be the first extension of Amazon’s NFT initiative.

Amazon might soon join the list of Fortune 500 companies to enter the NFT market. The world’s largest online retailer intends to introduce a “digital assets enterprise” — an NFT programme. In other words — this spring, according to a report published today by Blockworks. The startup would concentrate on blockchain-based gaming that pays gamers with NFTs.

Amazon’s New and Growing Interest in Web3

The platform will purportedly be managed by Amazon itself rather than Amazon Web Services (AWS), but it is still unclear who is in charge of hiring the key staff.

According to a number of insiders, Amazon has been courting major players in the market with its digital collectibles push. Layer-1 blockchains, blockchain-based game businesses and developers, and digital asset exchanges are reportedly included among those entities. According to two sources, there is an emphasis on blockchain-based gaming and associated NFT applications.

Amazon's NFT Initiative
Amazon’s NFT Initiative

One source claims that one example is persuading Amazon consumers to play crypto games and earn free NFTs as a result.

Sources claimed that the effort is still in development. The e-commerce behemoth appears to have planned to announce its audacious crypto plans in April.

According to one source, Amazon “entering the space” is “a big one” for cryptocurrency for numerous reasons.

Amazon’s NFT Initiative

According to one of the individuals, the Amazon executives behind the initiative have recently contacted at least one family office. According to the same source, the initial plan included for doing at least one NFT drop with an artist. Since then, Amazon’s Web3 blueprint seems to have undergone tremendous development.

Who is overseeing Amazon’s NFT project in terms of personnel wasn’t immediately obvious. The platform, which would support some NFT gaming activities, is still being developed. But according to two insiders, it will be based in Amazon proper rather than its well-known web hosting platform, Amazon Web Services (AWS).

This information follows the recent agreement between AWS and Ava Labs, the organisation responsible for the Avalanche blockchain. The teams stated in a news statement at the time that Ava Labs intended to bring Subnet deployment as a managed service to the AWS Marketplace. This would allow users to quickly establish customized Subnets. The ability to instantly spin up nodes and test networks with AWS makes the most sense for them. It has been a significant advantage for both individual and enterprise developers, according to Emin Gün Sirer, founder and CEO of Ava Labs.

This recent strategy appears to be an outgrowth of earlier rumours of Amazon working with well-known Web3-native artists. Amazon had already entered the NFT market through a television series called NFTMe. It examines NFT culture and disruption throughout the globe.

Aside from what unnamed sources stated, little is known about Amazon’s upcoming foray into NFTs. However, the company is likely to reveal more details to the public in the coming months since April appears to be the tentative release date for these current endeavors.

Follow us on Instagram: @artzoneai