Amazon Inc is reportedly preparing to launch its Non-Fungible Token (NFT) platform on April 24. The e-commerce giant will offer fifteen collections of NFTs at the time of launch. However, this is a significant move for the NFT space as Amazon showcases its continued commitment to NFTs and Web3.
In January, Amazon announced that it would venture into the non-fungible token (NFT) space; thus, revealing that its NFT platform had been in development for months. The platform will focus on blockchain-based gaming, where players are rewarded with NFTs. Andy Jassy, CEO of Amazon, has expressed his confidence in the growth potential of NFTs and believes that cryptocurrency will become increasingly integrated into the Amazon retail business over time.
“I expect that NFTs will continue to grow very significantly. We’re not probably close to adding crypto as a payment mechanism in our retail business, but I do believe over time that you’ll see crypto become bigger and – it’s possible that Amazon ingrates crypto payments.”
Andy Jassy, CEO of Amazon
Amazon’s large customer base could make a huge impact with the introduction of NFTs. In addition, reports have suggested that Amazon itself will run the NFTs instead of its cloud computing unit—Amazon Web Services (AWS). This could be a game-changer in digital asset adoption and help revolutionize the NFT industry.
Amazon’s growing interest in Web3
Over the last year, Amazon’s interest in Web3 technologies has been growing steadily. In December 2022, the company launched an educational documentary titled “NFTMe” to introduce viewers to non-fungible tokens (NFTs). Featuring interviews with top industry professionals and art collectors worldwide, this documentary explored how tech and art have positively impacted people’s lives.
Amazon Web Services has occasionally listed roles for developers and engineers in the Web3 realm but hasn’t been as publicly active in exploring the crypto or blockchain spaces. For example, the Amazon Coins program, first introduced in 2013, functions more like a traditional loyalty program than a crypto initiative.
