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Amazon to Enter the Crypto NFT Market with Gaming Initiative – Here’s What You Need to Know

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Amazon is reportedly aiming to dabble in NFTs and Web3 games in upcoming initiatives related to digital assets.

The world’s largest retailer plans to launch a “digital asset company” focused on non-fungible tokens and Web3 games this spring.

According to reports, Amazon’s initiative is in a relatively early stage of development, with the company expected to make an official announcement in April. Additionally, the e-commerce giant has more than a dozen partners ready for the project, including Layer 1 blockchains, blockchain-based game startups and developers, and digital asset exchanges.

“One example in the works, according to one source: let Amazon customers play crypto games and claim free NFTs in the process,” the report said, noting that the Amazon executive leading the initiative has been in business for several years. He added that he had reached out to at least one family office in the month. They are also said to be planning to do an NFT drop with the artist.

It’s worth noting that Amazon has posted developer and engineer roles in the Web3 space since 2021.At that time, the company Posted We are looking for a Digital Currency and Blockchain Product Lead with a deep understanding of the digital and cryptocurrency ecosystem.

Last April, Amazon CEO Andy Jassy told CNBC that he was optimistic about the future of cryptocurrencies and NFTs. At the time, he said the e-commerce giant was not considering adding crypto payments, but he claimed that he “believes to see crypto grow bigger as time goes on.”

“As you know, we expect NFTs to continue to grow significantly,” said Jassy, ​​adding that he can envision a future where the e-commerce giant sells NFTs.

Recently, Amazon, through AWS, signed a “cooperation” Working with Ava Labs to accelerate the adoption of blockchain technology in various industries. AWS plans to make one-click node deployment available to support Avalanche’s infrastructure and decentralized application (DApps) ecosystem.

Besides Amazon, many other major mainstream companies have also announced plans to expand into both NFTs and other cryptocurrencies over the past year.

November, patent application clearly Sony’s vision for a system that could be used to track the creation, use, and transfer of digital assets created within games. The patent envisions a system for “creating, modifying, tracking, authenticating, and/or transferring unique digital assets” related to video games.

Additionally, investment giant Fidelity also filed three new trademarks last December, hinting at its intention to delve deeper into cryptocurrencies and the Web3. The filing focuses on virtual worlds like NFTs and the Metaverse.

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