Key points to remember:
- Amazon Could Launch Its Own Cryptocurrency Business This Spring, Blockworks Report Says
- Sources say Amazon’s crypto initiative focused on NFTs and games could launch in April
- Amazon has been monitoring the Web3 sector for some time but hasn’t made any major moves so far
Amazon is in contact with several high profile crypto companies, sources say
E-commerce giant Amazon plans to launch a digital asset business, according to unnamed sources cited in a January 26 statement report by Blockworks.
The initiative is expected to include non-fungible tokens (NFTs) and focus on the blockchain-based gaming industry and related NFT applications. According to a source, an example of what Amazon has in mind is to give Amazon customers free NFTs to play games. The type of games and the blockchain on which the NFTs will be minted are unknown.
The effort is still in development, and April has been mentioned as a possible launch date. Amazon reportedly purchased the digital collectibles effort from various industry players, including layer 1 blockchains, blockchain-based game 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. A source reportedly said:
“We knew (Amazon’s cryptocurrency business) was possible. But now it looks like it’s really happening. It’s going to affect existing players in the space – if they run and do this right and are smart about it.
The e-commerce and cloud computing giant has been monitoring the blockchain space for some time, but has never taken any concrete action other than hiring Web3 developers to improve digital currency payments for AWS users. .
Amazon’s direct involvement in the crypto industry could be a major catalyst for the markets. For example, in the summer of 2021, Bitcoin surged by more than 10% just moments after rumors began circulating that Amazon was preparing to accept Bitcoin as a payment option. Eventually, the rumor turned out to be false.
David is a crypto enthusiast and personal finance expert. He has created numerous publications for different platforms. He loves exploring new things, and that’s how he discovered blockchain in the first place.