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According to several sources familiar with Amazon's plans, the e-commerce giant intends to launch a non-fungible token NFT initiative in the spring. According to reports, the company has been considering launching a digital assets enterprise on its primary platform rather than through Amazon Web Services (AWS). In this article, we have discussed insights of amazon to launch the NFT initiative and enter the crypto market. Read this article to learn more.
Amazon's entry into the Web3 landscape may boost the credibility and vitality of an industry at a crossroads. While the project is still in its early stages, those sources say an April launch date is "pencilled in." According to reports, Amazon's Web3 ambitions include blockchain-based games and NFT collectables.
It is unclear whether Amazon intends to launch a marketplace. However, due to the e-commerce titan's size, scale, and influence, any moves by the Seattle-based corporation would have a significant impact on existing players in the industry, such as OpenSea or Rarible.
In an April 2022 interview, Andy Jassy expressed his belief in the company's potential for NFT growth. He also stated that while incorporating cryptocurrency as a payment option for their retail business is not a current plan, it is a possibility in the future. If recent reports are correct, a potential move into the NFT space could occur in April.
The sources said:
"We knew it was possible. But now it seems like it's 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 new initiative will be launched on "Amazon proper," even though Amazon's popular web hosting platform, Amazon Web Services (AWS), has recently posted job listings for Web3 developers.
In 2013, Amazon launched its loyalty-based coins programme, which continues to exist independently of the new NFT initiative.
"I expect that NFTs will continue to grow very significantly. We're not probably close to adding crypto as a payment mechanism in our retail business. But I do believe over time you'll see crypto become and it's possible … it's possible down the road,"
Amazon CEO Andy Jassy will appear on CNBC's Squawk Box in April 2022. Jassy predicted that the NFT market would expand further and that Amazon would accept cryptocurrency payments.
Jassy has worked in the collectables industry before. He worked as a project manager for MBI after graduating from Harvard, a company that specialises in offering a wide range of collectable products through print and digital media. It is unclear how Amazon's entry into the NFT space will be implemented in a market that is experiencing a decline in activity.
If the sources are true, then the company's size and reach can bring more mainstream adoption and attention to the space, which could benefit the growth of the NFT industry and credibility. Furthermore, the potential entry of Amazon into the market may increase competition among existing players, driving advancements and innovation in space. The NFT market is at a crossroads, and Amazon's entry could boost its vitality.
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