Amazon may be preparing to break into the digital asset industry in 2023. The e-commerce giant is reportedly set to launch an NFT initiative this April that will be integrated closely aligned with its parent platform. NFTs, or Irreplaceable Tokens, are digital collectibles, built on blockchains that transfer their full ownership to the buyer. Business professionals from around the world have time and again predicted that NFT, which is also compatible in the metaverse, could be the next step that global brands can take to interact with Web3’s native client.
by Amazon plans to dive into the Web3 space can make the platform encourage its customers to play games and earn money NFT as a reward, a block report said, citing people familiar with the matter.
For the longest time, Amazon has maintained its distance from the cryptocurrency sector due to its volatile nature and legitimacy issues. However, in 2022, the adoption of NFT Grows in some parts of the world.
Some premium and global famous brand linked their products to NFT to appeal to Web3 enthusiasts.
A total of $260 million (approximately Rs 2,074 crore) was raised by high-end luxury brands including Nike, Gucci, Dolce & Gabbana with sales of their NFT products, a NFTgators’ report said last August.
Amazon, as a seller of thousands of local and international brands, can now see NFT as a way to multiply its own revenue. If Amazon gets into the NFT arena, it could single-handedly drive mass participation with digital assets.
“We know it’s possible. But now it looks like it’s actually happening. That will affect existing players in the space — if they do and do this right and are smart about it,” the Blockworks report cites anonymous sources as saying.
For now, Amazon’s official announcement of NFT-related plans is still awaited.
