Get Ready for a Game-Changing Move: Amazon Launches NFT Initiative and Targets Blockchain Games
Amazon is reportedly planning to enter the NFT and blockchain gaming market according to sources familiar with the matter. The e-commerce giant is said to be planning to announce its NFT and blockchain gaming initiatives at the start of Q2 2023 as it continues to expand its business empire.
This move into the world of NFTs and blockchain games comes as no surprise as Amazon CEO Andy Jassy previously hinted at the company's interest in the space. In April 2022 Jassy told CNBC that Amazon could start selling NFTs in the future despite pushing any hopes of the e-commerce platform accepting crypto further down the line.
The company recently announced a partnership with Ava Labs the organization behind layer-1 blockchain Avalanche. In a blog post published on January - 11 - 2023 Amazon stated that this partnership would accelerate transaction processing times and lower related costs.
Amazon is also listed as an investor in the digital collectibles marketplace Dibbs and has been reported to be active in the blockchain-based gaming, digital asset exchange and layer-1 blockchain space.
One of the primary goals of Amazon's NFT initiatives is to allow people to play blockchain games and collect free NFTs. With a market cap of over $1 trillion Amazon would be one of the biggest mainstream tech companies to offer NFTs.
The company's ecosystem which includes Amazon Web Services Prime Video the e-commerce store and several others provides it with a multi-faceted opportunity to implement its web3 strategy. Amazon has a strong user base with Prime surpassing 200 million subscribers and more than 197 million people visiting its e-commerce platform every month according to Statista.
Amazon's entry into the NFT market is seen as a huge advantage for the industry.and could build on the success of recent projects such as Reddit, which sold over $10 million worth of NFT avatars in just three months. With the number of customers Amazon has they could make a huge splash in the NFT marketplace
