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Amazon Is Launching Its Own Crypto Program, With NFT Initiative Expected in Spring, per Report



Amazon Is Launching Its Own Crypto Program, With NFT Initiative Expected in Spring, per Report

Key takeaways:

  • Amazon could be launching its own cryptocurrency enterprise this spring, per a report by Blockworks
  • According to sources, Amazon’s crypto initiative focused on NFTs and gaming could be launching in April
  • Amazon has been eyeing the Web3 sector for a while but made no major moves so far

Amazon is in contact with several high-profile crypto companies, according to sources

E-commerce giant Amazon is planning to launch a digital assets enterprise, according to unnamed sources cited in a January 26th report by Blockworks.

The initiative is expected to include non-fungible tokens (NFTs) and is focused on the blockchain-based gaming sector and related NFT applications. According to one source, an example of what Amazon has in mind is giving Amazon customers free NFTs to play games. The type of games and what blockchain the NFTs will be minted on are unknown.

The effort is still developing, and April has been mentioned as a possible launch date. Amazon is reported to have been shopping the digital collectibles effort to various players in the industry, including layer-1 blockchains, blockchain-based gaming startups and developers, and digital asset exchanges. 

It is not yet clear who is leading the NFT initiative at Amazon or the extent of Amazon’s Web3 ambitions and end goals. One source reportedly said: 

“We knew [Amazon’s cryptocurrency enterprise] was possible. But now it seems like it’s really happening. That’s going to affect the existing players in the space — if they execute and do this right and are smart about it.”

The e-commerce and cloud computing giant has been eyeing the blockchain space for a while, but has never made any concrete moves, apart from hiring Web3 developers to enhance digital currency payments for AWS users.

The direct involvement of Amazon in the crypto industry could be a major catalyst for the markets. Case in point, in the summer of 2021, Bitcoin rallied over 10% mere moments after the rumors started circulating that Amazon was gearing up to accept Bitcoin as a payment option. Ultimately, the rumor proved to be false.

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