• Amazon is reportedly launching a “digital assets enterprise” focused on non-fungible tokens (NFTs) and Web3 gaming this spring.
• The initiative is still in its early stages of development and Amazon has more than a dozen partners lined up for the project.
• Amazon CEO Andy Jassy has expressed optimism about the future of cryptocurrencies and NFTs.
Amazon, the world’s largest retailer, is reportedly planning to dip their toes into the world of digital assets and non-fungible tokens (NFTs) this spring. According to Blockworks, Amazon has an upcoming initiative that is focused on NFTs and Web3 gaming and is expecting to make an official announcement in April.
The initiative is still in its early stages of development, but Amazon has more than a dozen partners lined up for the project, including layer-1 blockchains, blockchain-based gaming startups and developers, and digital asset exchanges. Additionally, Amazon has been posting roles for developers and engineers in the Web3 realm since 2021, with a vacancy seeking a “Digital Currency and Blockchain Product Lead”.
One example of the initiative is getting Amazon customers to play crypto games and claim free NFTs in the process. Furthermore, Amazon executives leading the project have reached out to at least one family office in recent months, and have planned to conduct an NFT drop with an artist.
Amazon CEO Andy Jassy has expressed optimism about the future of cryptocurrencies and NFTs, commenting in an interview with CNBC that he “do[es] believe over time that you’ll see crypto become bigger”. He added that he expects “NFTs will continue to grow very significantly”.
It appears that Amazon is looking to leverage their extensive customer base and scale to make a splash in the digital assets market. With the upcoming initiative, Amazon will be joining the likes of PayPal, Square, and Tesla as a major player in the world of cryptocurrencies and NFTs. It will be interesting to see if Amazon can make a successful entry into the market and create a lasting impact.