What is the Amazon NFT Initiative?

Amazon’s NFTs Initiative is the company’s first step to joining the non-fungible tokens (NFT community). Amazon is the world-renowned retail company that Jeff Bezos opened in 1994. Now, the company is planning to integrate itself in the Web3 Space.

This blog post will discuss all about Amazon’s plan to join the NFT and blockchain games space.

Amazon’s NFTs Initiative Explained

According to insider reports, Amazon is now developing its NFT initiative and will probably release it Spring this year. There are four unnamed sources privy to the details of this program. In addition to that, they also revealed that Amazon has started purchasing digital collectibles.

Furthermore, two sources specified that Amazon might probably focus on NFT applications that relate to blockchain-based gaming. For example, Amazon customers can claim free NFTs when they play specific crypto games. 

Amazon has not yet confirmed any of these claim. They might go public with their plans in April.

Amazon’s NFTs – From Possibility to Reality

 Amazon has been conversing with different blockchain companies who they can potentially partner with for their non fungible tokens (NFTs) offering. Some of those companies are involved in layer 1 blockchains, blockchain-based gaming, and digital currency exchanges.

Sources say that the NFT initiative is most likely to head in the direction of gamification. Moreover, this program might operate on Amazon Web Services (AWS). Some experts sense this as a pathway for more Web3 job opportunities in the near future.

CEO dropped hints about Amazon’s NFTs

Many people have been expecting the e-commerce giant to push through with its crypto and NFT-related plans but they didn’t expect it to happen so soon. Although, Amazon’s CEO Andy Jassy remarked in 2022 that he envisions Amazon selling NFTs  “down the road.”

He also said that he “expects that NFTs will continue to grow very significantly”. Correspondingly, Jassy is also open to Amazon accepting virtual currencies in its payment options. 

Speculations also started when Amazon published a job vacancy for a blockchain product lead. According to the job listing, the product lead “will leverage [his] domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to drive product strategy and development”.

Expected Impact of the Amazon NFT

Amazon has an estimated 98 million users. Its entry to the NFT space will have a significant impact on the other big players like OpenSea and Rarible. But, for some, the largest retailer’s slated participation in the digital assets and blockchain technology comes at an opportune time because NFTs will continue to soar in popularity.

Other experts believe that this entry can make a huge difference in the NFT marketplace if they implement the right strategies. 

Amazon web services x AVA Labs

An addition to all of the signs pointing to Amazon’s NFT initiative is its recently finalized deal with AVA Labs. Ava Labs is the company responsible for developing the Avalanche blockchain. 

Emin Gün Sirer, AVA Labs CEO, stated that 

“It has been a huge boon for both individual and enterprise developers to be able to spin up nodes and test networks on the fly with AWS in whatever legal jurisdiction makes the most sense for them.”

Summary

Things can get very interesting in the NFT Marketplace and blockchain gaming network once Amazon rolls out their full plans for the NFTs. As of now, all we can do is wait for their official statement.

Despite the hype, Amazon has not properly responded to all the speculations yet. Who knows, maybe this is all part of the marketing strategy.