It turns out that Amazon intends to launch its own digital asset enterprise this spring, so the company intends to join the Web3 realm with its own NFT initiative. Blockworks has been informed of Amazon’s plans by at least five trustworthy sources who are familiar with the internal affairs of the company.
It would appear that Amazon has been looking for a suitable partner to launch this initiative in the shadows. Layer-1 blockchains, digital asset exchanges, and blockchain-based gaming startups are its top choices. Additionally, it is seeking Web3 developers to assist in the expansion of its digital asset business.
The company is interested in blockchain-based gaming and related NFT applications, according to two sources. Additionally, it is anticipated that Amazon will manage the NFT initiative rather than Amazon Web Services (AWS).
The operation’s nature has not yet been established. However, according to one source, allowing Amazon customers to play crypto games and claim free NFTs may be a component of it. As a result, an official announcement is anticipated for April. This will have a significant impact on the crypto industry as a whole. If the company succeeds in this endeavor, one source anticipates the disruption of several established platforms in the industry.
Existing web3-based businesses could be threatened if Amazon succeeds
Who will be in charge of this Web3 assault is unclear. On the other hand, you can anticipate a few hires of people with the necessary skills. Amazon has previously advertised positions for Web3-savvy developers and engineers. However, they never made it abundantly clear that they were pursuing anything in the space.
There are still a few unanswered questions in light of these revelations, such as what the company’s Web3 initiative and objectives will entail. Also, if the company intends to compete with OpenSea and Rarible, two of the existing NFT marketplaces. Both platforms will view a successful launch as a significant threat if that proves to be the case.
Amazon CEO Andy Jassy has previously indicated that he is open to Amazon entering Web3. He previously discussed the integration of cryptocurrency and the sale of NFTs, saying, “Yeah, I think it’s down the road [on selling NFTs]…I expect that NFTs will continue to grow very significantly.” Although I do believe that you will see crypto become larger over time and—it is possible that Amazon ingests crypto payments—we are not likely to be close to adding crypto as a payment method to our retail business.
