Retailing Giant Has Eyes On New Web3 Initiative

Amazon going web3 ?

Amazon, the retail giant known for its wide range of products and services, is reportedly working on a digital assets company that will power an NFT marketplace this spring. According to sources interviewed by the media outlet Blockworks, Amazon has been buying digital collectibles companies from various players in the crypto ecosystem to power its new venture. The company has invested in layer-1 blockchains and crypto gaming companies and has hired developers from NFT companies and cryptocurrency exchanges for its own blockchain unit.

This move is significant for the crypto gaming industry, which has seen a decline in players due to the multiple project scams that hit the market in late 2021. However, Amazon doesn’t seem concerned about that data, as the company witnessed the best of times for crypto gaming when many of those projects were forced to expand the storage services offered by Amazon Web Services due to the enormous player demand. The entry of a giant like Amazon is significant for the crypto ecosystem, as it will surely attract many players just waiting for the right moment to return to the crypto gaming industry.

Sources claim Web3 initiatives

Sources said that Amazon will be running the new NFT platform, rather than by subsidiaries, to have complete control of a platform that could become the largest in the NFT industry. It is currently unknown whether Amazon’s new platform will seek to compete directly against the big NFT marketplaces like OpenSea, Rarible, or the latest Samsung NFT Platform or whether it will be more focused on crypto gaming—especially considering that Amazon owns Twitch.

With the vast number of Amazon users, its entry into the crypto ecosystem will not go unnoticed. It will attract many investors who know the potential of an industry that is growing and has a lot of room for improvement and growth inside the broader gaming industry, the largest business in the entertainment sector.

Open to a few ideas

In April 2022, Amazon CEO Andy Jassy said the company was open to selling non-fungible tokens (NFTs) “in the distant future”, but that they were not planning to accept cryptocurrency payments. However, on January 11th, Ava Labs announced a partnership with Amazon to increase the adoption of blockchain technology in businesses, institutions, and at the government level by managing Avalanche’s decentralized infrastructure and applications through Amazon Web Services (AWS).

Although the company still refuses to accept payments in cryptocurrencies, for now, it is gradually opening its doors to the crypto ecosystem. So who knows, we might see Amazon as a crypto-friendly company in a couple of years.

The NFT market has been growing rapidly in recent times, and Amazon’s entry into the space could be a game-changer. The company’s vast user base, resources, and experience in e-commerce and digital assets, makes it well-positioned to take advantage of the growing trend. The company’s entry into the NFT and crypto gaming space could provide a boost to the overall crypto ecosystem and attract more mainstream adoption.

Amazon’s entry into the digital assets and NFT space is a positive development for the crypto ecosystem. The company’s vast resources, experience, and user base, make it well-positioned to take advantage of the growing trend in NFTs and crypto gaming. It will be interesting to see how Amazon’s new venture will shape the NFT and crypto gaming industry, and whether it will become the biggest thing in the NFT industry.

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