• 16 July, 2024
News

Amazon To Launch NFT Program in Spring, with Crypto Gaming Focus

Blockworks reported that Amazon is planning to launch a digital assets enterprise in the spring, which will include an NFT initiative, according to four sources familiar with the matter. 

The company’s focus is said to be on blockchain-based gaming that rewards players with NFTs, and however, it is unclear who is leading the project. The platform is reported to be run out of Amazon and not Amazon Web Services (AWS).

This announcement follows AWS’ recent collaboration with Ava Labs, the company behind the Avalanche blockchain. The teams stated in a press release at the time that Ava Labs intends to add Subnet deployment as a managed service to the AWS Marketplace, allowing individuals to launch custom Subnets with just a few clicks. 

According to sources, Amazon has been discussing a digital collectibles project with several key players in the industry, including layer-1 blockchains, blockchain-based gaming startups, developers and digital asset exchanges. 

The project is said to have a focus on blockchain-based gaming and NFT applications, with the goal of getting Amazon customers to play crypto games and earn free NFTs. The project is still in development, and April is reportedly the planned date for Amazon to publicly announce their ambitious crypto plans.

We knew it was possible,” the source said. “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.

According to one of the sources, Amazon executives leading the push have reached out to at least one family office in recent months. According to the same source, the plan at the time was to do at least one NFT drop with an artist.

Amazon’s Web3 blueprint appears to have evolved significantly since then. According to one source, a number of internal hires would be required for both the platform and Amazon’s additional crypto forays.

This latest plan appears to be an expansion of Amazon’s previous plans to collaborate with established Web3-native artists. Amazon had previously explored the NFT space through the NFTMe series, which examines NFT culture and disruption worldwide. 

In April 2022, Amazon’s CEO, Andy Jassy, stated in a Squawkbox interview on CNBC that he believes the company will eventually sell NFTs. When asked if he could see Amazon selling NFTs, Jassy replied, “Yeah, I think it’s down the road.”

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