Amazon is poised to enter the Non-Fungible Token (NFT) market with an initiative expected to launch in the spring. The initiative is believed to center around blockchain-based gaming and NFT solutions, allowing Amazon customers to participate in crypto activities and earn NFT rewards. The company has reportedly been in discussions with various industry players, including Layer-1 blockchains, blockchain game companies and creators, and technology platform marketplaces.
Amazon CEO, Andy Jassy, has previously stated that he is open to the idea of Amazon selling NFTs. The company has also been exploring Web3 projects and is expected to make a number of internal hires to support these initiatives. Although Amazon Web Services has posted job listings for Web3 developers and engineers, the e-commerce giant is not well-known for its involvement in the cryptocurrency or blockchain sectors.
The NFT market is predicted to reach $231 billion by 2030 and Amazon’s entry into the market could revolutionize the industry. It is currently unknown who will lead the initiative or the extent of Amazon’s ultimate ambitions and goals for Web3. However, sources have indicated that the platform will be run directly by Amazon, rather than its web hosting subsidiary, Amazon Web Services (AWS).
AWS recently partnered with Ava Labs, the company behind the Avalanche blockchain, to provide developers with the ability to create and test blockchain networks. The partnership is seen as a significant step towards Amazon’s involvement in the Web3 ecosystem.