Amazon to Enter Crypto Market with NFT Initiative? By DailyCoin

• Amazon (NASDAQ:) plans to launch a non-fungible token (NFT) initiative on its main platform in April.
• Amazon’s Web3 ambitions would include blockchain-based games and NFT collectibles.
• Andy Jassy, ​​CEO of Amazon, has previously expressed confidence in the potential growth of NFTs in the company’s future.

Several sources familiar with Amazon’s plans said the e-commerce giant plans to launch a non-fungible token (NFT) initiative in the spring. The company reportedly considered launching a digital asset business on its core platform, not through Amazon Web Services (AWS).

Amazon’s entry into the Web3 landscape could add credibility and vitality to an industry that is currently at an inflection point.

While the effort remains under development, these sources indicated that an April launch appears to have been “planned.” Amazon’s Web3 ambitions would include blockchain-based games and NFT collectibles.

The Amazon CEO’s belief in NFTs

It’s unclear if Amazon plans to launch a marketplace. However, any move by the Seattle-based company would have a significant impact on existing industry players, such as OpenSea or Rarible, due to the e-commerce titan’s size, scale and influence. .

Andy Jassy expressed his belief in the growth potential of NFTs in the business in an April 2022 interview. He further mentioned that integrating cryptocurrency as a payment option for their retail business does not is not an immediate plan, but it is possible that it will happen in the future. If recent reports are accurate, a potential move into the NFT space could take place in April.

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“I expect #NFTs to continue to grow very significantly. We’re probably not close to adding #crpyto as a payment mechanism in our retail business. But I think over time , you’ll see crypto becoming and it’s possible…it’s possible down the road,” says $AMZN CEO @ajassy pic.twitter.com/6q6HVolzgU

— Squawk Box (@SquawkCNBC) April 14, 2022

Possible entry into the NFT market

Jassy has experience in the collectibles industry. After graduating from Harvard, he worked as a project manager for MBI, a company specializing in offering a wide range of collectible products through print and digital media. It’s unclear how Amazon’s entry into the NFT space will be implemented in a market that has seen declining activity.

on the reverse

• It’s unclear who the “sources familiar with Amazon’s plans” are or how they got their information.
• Information provided should be considered speculative and unverified without confirmation from Amazon or any named source.
• The extent of Amazon’s plans for Web3 and NFTs is currently unclear, and it remains to be seen how the company will implement and approach this new initiative.

Why You Should Care

If the sources are true, the size and scope of the company could attract more attention and adoption in the space, which could positively impact the growth and credibility of the NFT industry. Additionally, Amazon’s potential entry into the market could lead to increased competition among existing players, spurring innovation and progress in the space. The NFT market is at an inflection point, and Amazon’s entry could boost the vitality of the industry.

For other recent news on Amazon:

(AVAX) Partners with Amazon – What It Means for the Snowfall (SNW) Protocol – DailyCoin

For more information on NFT:

Kevin Rose in Phishing Scam Claiming $1.1M in NFTs – DailyCoin

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