Report: Amazon’s NFT Program Is Coming This Spring

As per the latest report, tech giant Amazon is gearing up to delve into the world of digital assets and non-fungible tokens (NFTs). Speaking to Blockworks, sources familiar with the matter said that Amazon is launching a digital assets enterprise and its NFT initiative will come as soon as the spring of 2023.

Sources familiar with the matter said that Amazon is pushing its digital collectibles effort while getting its customers to play crypto games and claim free NFTs in return. The two sources familiar with the matter stated that Amazon is putting up a major focus on blockchain-based gaming as well as other related NFT applications.

These efforts are still in the making. However, the tech and e-commerce giant is likely to bake its crypto ambitions public by April 2023. Speaking to Blockworks, a crypto source said:

Amazon “coming into the space” is “a big one” for crypto “for many different reasons. “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.”

Amazon to Conduct NFT Drops

One of the sources also stated that as per the earlier plans, Amazon was planning to conduct at least one NFT drop with an artist. But with time, Amazon’s Web3 blueprint also seems to have evolved.

There are not many details regarding the platform that would host Amazon’s NFT gaming initiatives. But the two sources familiar with the matter stated that the NFT initiative won’t be running on the company’s popular Web-hosting platform – Amazon Web Services (AWS).

Amazon CEO Andy Jassy has previously stated that the company won’t be closing doors to digital assets and is open to selling digital assets in the future.

It seems that Amazon is all set to give tough competition to existing NFT marketplaces like OpenSea and Rarible. “With the [number] of customers Amazon has, they could make a huge splash in the NFT marketplace,” one source said.

Additionally, Amazon has been forming key partnerships in the crypto space. Earlier this month, Amazon Web Services (AWS) entered into a partnership with Ava Labs to scale blockchain adoption for enterprises, institutions, and governments.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.