We know that Amazon is one of the biggest, if not the biggest, e-commerce platforms worldwide and controls many customers worldwide.
We also reported how Amazon is the preferred e-commerce platform not just in the US but in other parts of the world, such as India.
Now, there is an exclusive report by blockworks who has revealed that Amazon is going to boost the cryptocurrency market with the launch of its own NFT initiative.
This comes as a surprise to a lot of people around the world because Amazon is not known to be a company that invests in cryptocurrency so this does seem to be a shift in their thought process.
Talking about NFT, it is known as a non-fungible token, and it is basically a unique art form that can be acquired and has a value of its own.
The best part about NFT is that it can’t be replicated. However, we all know digital products can be easily copied, so NFT does not make sense to many people.
Talking Amazon and its NFT initiative, it is part of Web3 which will replace Web2 which we know and use right now.
Giving further information on this report, Blockworks reports that one of the developments in this space by Amazon is to let “Amazon customers play crypto games and claim free NFTs in the process”.
Sources close to this matter from Blockworks also reveal that Amazon’s entry into the NFT market will be a huge boost for this space and sort of revive it after its highs in 2021 and extreme lows in 2022.
Andy Jassy, the CEO of Amazon, has already said that he is open to selling NFTs on the platform and it looks like they are definitely heading in that direction.
It is reported that the launch of Amazon’s NFT initiative could be as early as Spring 2023.