Big tech giant Amazon is taking another step to strengthen its position in the crypto industry. According to a report from crypto news outlet Blockworks, the company will launch a non-fungible token (NFT) initiative in the spring of 2023.
The report cited six sources familiar with the matter. Blockworks stated that Amazon has partnered with more than ten crypto projects to support the NFT initiative. The program could revive the sector and strengthen it after the decline in the NFT market from the high of 2021.
Amazon embraces Crypto
According to the report, the e-commerce giant will focus on various sectors with plans to play the NFT game. The platform will reward players with unique items in the form of NFTs.
Amazon already offers Prime service subscribers access to the videogame platform. Members of this service can access the platform’s catalog and receive monthly rewards for claiming AAA games. New NFT initiatives can improve the service by offering new rewards and attracting new users.
The NFT platform is currently under development and may run on Amazon instead of Amazon Web Services (AWS), Blockworks reported. The company may reveal more information in April 2023, but there has been no official statement from Amazon or its executives.
Amazon is far from the first big tech company with crypto ambitions. Meta, Twitter, and others have launched crypto initiatives that allow users to interact with digital assets.
Regarding e-commerce and online purchases, its competitor, e-Bay, has made significant efforts to gain a strong foothold in the new sector. In that sense, the company bought the NFT market KnownOrigin.
The e-commerce platform is targeting a “larger audience” to be “a truly global platform.” Amazon may be working towards a similar goal.
Two weeks ago, the company drew attention in the crypto industry by announcing a partnership with Ava Labs, the company behind the Avalanche blockchain. Crypto companies partner with AWS to offer thousands of companies access to this network.
At the time of the announcement, Howard Wring, VP and Head of Global Startups at AWS, stated:
Looking forward, web3 and blockchain are inevitable. No one can call the time or the date or the quarter when it will happen and it will become mainstream, but we have seen growth cycles before. This speed seems to be accelerating and we are just happy to be a part of it.