Amazon to Reportedly Embrace NFTs, Debut Marketplace
- Amazon is in talks to buy digital collectibles companies from various players in the crypto industry to power its new plan.
- The company has hired developers from NFT companies and crypto exchange platforms for its own blockchain unit.
- The e-commerce giant also plans to release a series of crypto games that would reportedly allow customers to claim free NFTs.
- Amazon will oversee the new NFT platform directly rather than through subsidiaries to maintain complete control.
E-commerce giant Amazon is reportedly working on a digital collectibles company that will handle a non-fungible token (NFT) marketplace. As per a recent report by the media outlet Blockworks, Amazon is in talks to buy digital collectibles companies from various players in the crypto industry to power its new plan.
The retail giant, which has so far invested in multiple layer-1 blockchains and blockchain gaming companies, has hired developers from NFT companies and crypto exchange platforms for its own blockchain unit. According to one of Blockworks’ sources, Amazon is planning to release a series of cryptocurrency games that would reportedly allow customers to claim free NFTs.
Interestingly, the entry of a massive company like Amazon would be noteworthy for the crypto gaming sector, which has experienced a decline in gamers due to several project scams that emerged in late 2021. Moreover, the decision will undoubtedly attract many players who have been waiting for the appropriate time to return to the crypto gaming market amid the crypto winter.
“We knew it was possible. But now it seems like it’s really happening. That’s going to affect the existing players in the space — if they execute and do this right and are smart about it,” the report reads.
It is important to note that Amazon doesn’t appear bothered by the decline in players’ interest as it witnessed the crypto gaming industry when it was at its peak. Notably, many of the projects were compelled to expand their use of Amazon Web Services’ storage service due to the overwhelming player demand.
According to the report, Amazon will oversee the new NFT platform directly rather than through subsidiaries so that it can maintain complete control over what may become the largest NFT platform in the crypto industry:
“It wasn’t immediately clear who in terms of personnel is leading Amazon’s NFT initiative. Details about the platform, which would include certain NFT gaming initiatives, are still unfolding, but two sources said the platform is set to run out of Amazon proper, rather than its popular web-hosting platform, Amazon Web Services (AWS).”
It is unclear at this time whether its new platform would aim to directly compete with major NFT marketplaces like OpenSea, Rarible, and Samsung NFT Platform, or would be primarily focused on cryptocurrency gaming.
Amazon CEO Andy Jassy stated in April last year that his company was open to the possibility of selling non-fungible tokens (NFTs) in the “distant future,” but added that they had no plans to accept crypto payments.
Although it may not seem obvious right now, the retail giant is undoubtedly exploring the cryptocurrency market. On January 11, Ava Labs announced a partnership with Amazon to manage Avalanche’s decentralized infrastructure and applications through AWS in order to expand the use of blockchain technology in organizations, institutions, and at the government level.
It will now be easier to run a node on the blockchain, and one-click deployment of nodes with the help of AWS Marketplace will be enabled. Ava Labs also joined AWS Activate, a program specially designed for startups and early stage entrepreneurs.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
