What You Need to Know About Amazon’s New NFT Initiative

Amazon is looking to join the ranks of other large corporations that are beginning to dabble in non-fungible tokens (NFTs) and Web3, which is an expansion of cryptocurrency. Currently, Amazon has not given any considerable details about their plans for this initiative, other than that their goal is to create a “digital assets enterprise” that will likely be launching this spring.

The e-commerce giant has been on the hunt for companies to partner up with to help make their entrance into NFTs and Web3 successful. They’ve had their eye on developers within the blockchain, digital assets, and gaming realms and might have over a dozen interested partners who are tagging into this project alongside the major retailer. This hints at the likelihood that Amazon’s enterprise will be focused on NFT applications and blockchain-based gaming.

While the world eagerly awaits a more thorough explanation of Amazon’s exact strategy, if the retailer successfully enters the Web3 space, it’s going to ignite a spark across the entire business world and kick off the beginning of a race for other companies to follow suit.

According to Blockworks, one family office reports that Amazon has been in contact with them in recent months, which suggests that part of their initial plans included an NFT launch with at least one creator. Yet, it’s predicted it will be a more extensive and involved launch than that. Blockworks also mentions a claim that one example of Amazon’s new NFT and Web3 initiative will be building cryptocurrency games their shoppers can play and collect free NFTs.

Many consumers might not realize that Amazon has already developed a coin of its own, fittingly named Amazon Coins. Amazon Coins, which are worth $0.01 a piece, are a virtual currency consumers can purchase upfront and then use to buy certain games, apps, and items within Amazon’s app. They’ve referred to Amazon Coins as a makeshift loyalty program, although many have wondered if they’d end up eventually building a more substantial crypto payment initiative. And it seems that’s exactly where they’re headed.

While the crypto market is extremely volatile, it’s clear that it’s an industry that has great promise. Amazon’s new NFT initiative still leaves a lot to the imagination until they make a more formal statement, but this is an exciting prospect for the future of crypto. While Amazon isn’t the only corporation to start its journey into the crypto and Web3 space, they are going to inspire a number of companies to follow them into the realm. But most exciting is how these initiatives, Amazon’s included, will open up opportunities for consumers.