Amazon wants to enter the world of NFTs. The American giant would have planned to inaugurate a series of blockchain-based projects as early as April.
quoting ” four sources aware of the problem », our colleagues at Blockworks reveal that Amazon is preparing to enter the world of NFTs. The Seattle giant is currently working with various players in the sector, such as blockchain, blockchain-based game developers, and digital asset trading platforms. The article does not specify the names of the marketplaces involved.
Blockchain games on Amazon
The leaks ensure that Amazon is particularly interested in the design of games including NFTs. The American company, for example, would like to allow its customers to play on the blockchain to win non-fungible tokens. The details of the experiment are still unknown. The media only specifies that the infrastructure would be managed directly by Amazon, without going through Amazon Web Services (AWS).
Note that NFT related games are not new. Gaming has largely ridden the wave of NFTs since their emergence in early 2021. Additionally, some NFT giants have released games inspired by their collection. This is the case of Yuga Labs, which multiplies the mini-games based on the digital monkeys of the Bored Ape Yacht Club.
Upstream of the project, Jeff Bezos’ studio has recruited several digital asset experts on the blockchain. At the end of 2021, Amazon started recruiting a “digital asset specialist” with experience in cryptocurrencies and NFTs. A few months earlier, the company had also started looking at “Digital Currency and Blockchain Product Manager”. Of course, Amazon has been toying with the idea of entering this market for a long time.
If all goes to plan, Amazon plans to roll out its NFT capabilities in April 2023. The timing of the initiative may come as a surprise. If Blockworks’ information is confirmed, Amazon will enter the world of NFTs while the market is in the red. Over the past year, the digital works sector has shrunk significantly. According to DappRadar, the largest NFT collections lost 69% of their value last year.
Some brands’ NFT projects have also failed. This is the case with Porsche. The car brand has launched a collection of non-fungible tokens with great fanfare at a very high price… discouraging potential buyers. Of course, there’s always the possibility that the market will start moving higher again by April, although that’s unlikely at this stage. Related to the cryptocurrency sector, whose major recovery is not expected anytime soon, the NFT market is expected to continue to stagnate or trend downwards.
Amazon’s foray could certainly deliver a push for adoption non-fungible tokens. With more than 200 million visitors a month, and 200 million subscribers to the Prime program, the multinational would be able to make NFT better known to the general public.
Also Read: An NFT Collector Lost Everything… to a Google Ad
Tech giants open up to NFTs
Amazon isn’t the first tech giant to take an interest in NFTs. Under the leadership of its CEO Mark Zuckerberg, Meta aims to turn Instagram into a marketplace for non-fungible tokens. NFTs are even one of the cornerstones of the company’s metaverse, Horizon Worlds. Auction giant eBay has also gotten into the deep end of NFTs. Since last year, the platform has made it possible to purchase digital collectible cards with the image of the world’s greatest athletes. We also mention the gradual and timid opening of Apple, which now authorizes the sale of NFTs through an iOS application… without really understanding how the blockchain works.
In parallel with its NFT project, Amazon has repeatedly expressed its interest in cryptocurrencies. For example, the e-commerce giant broke even a partnership with Ava Labs, the company responsible for the Avalanche blockchain. Under this agreement, Amazon Web Services (AWS) allows its customers to launch a node on the network in minutes. Amazon also offers to facilitate the launch ofa node on the Ethereum blockchain from 2021.
There are even rumors that the American group intends to issue its own cryptocurrency. So far, Amazon has never confirmed or detailed its intentions regarding NFTs or cryptoassets. Last year, Andy Jassy, the new CEO of the companyhowever, he said he was open to the idea of Amazon opening up to cryptocurrencies and selling NFTs on its site:
” I expect NFTs to continue to grow very significantly. We are not about to add cryptocurrency as a payment method […]but I believe that over time you will see cryptocurrency get bigger and it is possible that Amazon will add crypto payments”.
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