Amazon’s upcoming digital assets company and NFT marketplace are expected to launch this spring, according to sources.
There are reports that Amazon is developing a digital assets company that will power this spring’s NFT marketplace.
The retail giant has purchased digital collectibles companies from various players in the crypto ecosystem, according to sources interviewed by Blockworks.
Amazon has invested in layer-1 blockchains and crypto gaming companies, as well as hired blockchain developers from NFT companies and cryptocurrency exchanges.
Amazon Makes a Bet on the Crypto Gaming Industry
According to one source, Amazon is planning to launch a series of crypto games in which customers can win free NFTs. This would be a significant move for the crypto gaming industry, which has seen a decline in players as a result of the numerous project scams that hit the market in late 2021. However, Amazon does not appear to be 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 provided by Amazon Web Services due to massive player demand.
The presence of a behemoth like Amazon in the crypto ecosystem is significant, as it will undoubtedly attract many players who have been waiting for the right moment to return to the crypto gaming industry. Sources appeared to be quite optimistic about Amazon’s entry into the Web3 space.
Amazon Has the Potential to Be the Biggest Thing in the NFT Industry
According to multiple sources, Amazon will run the new NFT platform directly rather than through subsidiaries in order to maintain complete control over a platform that could become the largest in the NFT industry. It is unclear whether Amazon’s new platform will compete directly with major NFT marketplaces such as OpenSea, Rarible, or the latest Samsung NFT Platform, or whether it will be more focused on crypto gaming—especially given that Amazon owns Twitch.
With such a large user base, Amazon’s entry into the crypto ecosystem will not go unnoticed. It will attract many investors who recognize the potential of a growing industry with a lot of room for improvement and growth within the larger gaming industry — the largest business in the entertainment sector.
Although the company continues to refuse cryptocurrency payments, it is gradually opening its doors to the crypto ecosystem. So, who knows, maybe Amazon will be a crypto-friendly company in a couple of years.