Ecommerce Giant Amazon To Launch NFT Initiative
E-commerce giant Amazon taking a step into the crypto industry the company will launch a non-fungible token (NFT) this year.
Amazon has partnered with over ten crypto projects to support its NFT initiative. The program could revive the sector and strengthen it a decrease the NFT market from its 2021 high.
Amazon will focus on different sectors with plans to dab into NFT gaming the Amazon NFT platform will reward players with unique items in the form of NFTs.
Amazon already offers its Prime users access to a videogame platform members of this service can access the platform catalog and receive monthly rewards to claim AAA games the new NFT initiative could bolster the service by offering new rewards and attracting new users.
The Amazon NFT platform is now under the development stage and could run an Amazon proper rather than in Amazon Web Service (AWS) the company could reveal further information in April 2023 but there is no official statement from Amazon.
Amazon is far from the first big tech company with crypto lovers. e commerce and online purchases its competitor e-Bay has made significant attempts to get a strong foothold in this sector the company purchased the NFT marketplace KnownOrigin.
Amazon's NFT platform aims much bigger audience to become a truly worldwide platform Amazon could be pursuing similar objectives.
Amazon attracted attention in the crypto industry by revealing a partnership with Ava Labs the company behind the Avalanche Blockchain the crypot company partnered with AWS to offer thousands of enterprises access to this network.
According to Howard Wring VP and global head of startup at AWS express:
"Looking forward, web3 and blockchain are inevitable no one can call the time or date or quarter that it's going to happen and it'll mainstream but we've seen the cycles of growth before the velocity of this one seems like it's accelerating and we're just excited to be a part of this."