Amazon Allegedly to Enter Crypto Market with NFT Initiative?

Amazon is reportedly planning to launch a non-fungible token (NFT) initiative on its primary platform in April.

NFT characters jumping out of Amazon boxes.
  • Amazon is reportedly planning to launch a non-fungible token (NFT) initiative on its primary platform in April.
  • Amazon’s Web3 ambitions reportedly include blockchain-based games and NFT collectibles.
  • Andy Jassy, Amazon CEO, has previously expressed belief in the potential growth of NFTs within the company’s future.

Several sources familiar with Amazon’s plans have stated that the e-commerce giant reportedly plans to launch a non-fungible token (NFT) initiative in the spring. The company has allegedly been exploring launching a digital assets enterprise across its primary platform, not via Amazon Web Services (AWS). 

Amazon’s entry into the Web3 landscape could boost the credibility and vitality of an industry that currently finds itself at an inflection point. 

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While the effort remains under development, those sources have indicated that an April launch appears to have been “penciled in.” Amazon’s Web3 ambitions reportedly include blockchain-based games and NFT collectibles.

Amazon CEO’s Belief in NFTs

Whether Amazon plans to launch a marketplace remains unclear. However, any moves by the Seattle-based corporation would significantly impact existing players in the industry, such as OpenSea or Rarible, due to the size, scale, and influence of the e-commerce titan.

Andy Jassy expressed his belief in the potential for the growth of NFTs in the company in an April 2022 interview. He further mentioned that incorporating cryptocurrency as a payment option for their retail business is not an immediate plan, but there is a possibility of it happening in the future. If recent reports are accurate, a potential move into the NFT space may happen this April.

Possible Entry into the NFT Market

Jassy has experience in the collectibles industry. After graduating from Harvard, he worked as a project manager for MBI, a company that specializes in offering a wide range of collectible products through print and digital media. It’s uncertain how Amazon’s entry into the NFT space will be implemented in a market that has seen a decline in activity. 

On the Flipside

  • It is unclear who the “sources familiar with Amazon’s plans” are or how they obtained their information.
  • The information provided should be considered speculative and unverified without confirmation from Amazon or any named sources.
  • The extent of Amazon’s plans for Web3 and NFTs is currently unclear, and it remains to be seen how the company will implement and approach this new initiative.

Why You Should Care

If sources are true, the company’s size and reach could bring more mainstream attention and adoption to the space, which could positively impact the growth and credibility of the NFT industry. Also, Amazon’s potential entry into the market could lead to increased competition among existing players, driving innovation and advancements in space. The NFT market is at an inflection point, and Amazon’s entry could boost the industry’s vitality.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.