Amazon Will Be Getting Into NFTs This Year
Amazon, the e-commerce giant, is reportedly launching a “digital assets enterprise” this spring to enter the NFT space, according to a recent report by Blockworks. Amazon’s focus on the web3 worlds seems to be growing, with exciting news as Amazon entered more than one industry in previous years.
What is Amazon launching in the NFT space?
Amazon’s NFT initiative needs to be define later on, but it will reportedly be a “digital assets enterprise.” The focus of the initiative is expected to be on blockchain-based gaming that rewards players with NFTs. The company has also been looking at digital collectibles and other web3 products such as layer-1 products, blockchain gaming startups, and digital asset exchanges. The public expects to learn more about Amazon’s NFT plans over the coming months.
Who is Amazon partnering with?
Amazon partners with Ava Labs, the company behind the Avalanche blockchain. In a press release, Ava Labs announced plans to add Subnet launch for Amazon’s NFT plans. This move certainly highlights the growing interest in blockchain technology by major companies in a wide range of industries. Furthermore, the addition of Ava Labs’ technology makes it easier for businesses to access and utilize blockchain technology. Additionally, this partnership will enable individuals to use custom Subnets dedicated to the NFT initiative.
Amazon’s entry into the NFT market is not surprising. The company’s CEO, Andy Jassy, stated in an interview that he believed the company would sell NFTs someday. The partnership with Ava Labs, responsible for the Avalanche blockchain, eases Amazon’s jump into the web3 space. A significant jump from the e-commerce giant into the NFT world, creating high expectations for the retail giant to make a name in the web3 space.