Amazon is Joining the NFT Party
Amazon is reportedly planning to launch a non-fungible token (NFT) initiative in the spring. The e-commerce giant is said to be exploring digital asset options on its primary platform, rather than through Amazon Web Services.
This move could add credibility to the NFT industry, which is currently at a turning point. Although the project is still in development, an April launch date has reportedly been pencilled in. The company's Web3 ambitions include blockchain-based games and NFT collectibles.
It is unclear if Amazon intends to launch a marketplace, but its size and influence could have a significant impact on existing players in the industry. In an April 2022 interview, Amazon CEO Andy Jassy expressed belief in the growth potential of NFTs for the company. He also noted that incorporating cryptocurrency as a payment option for their retail business is not an immediate plan but could happen in the near future.
Jassy has a background in collectibles. After getting his degree from Harvard, he worked at MBI, a firm that deals in various collectibles through print and digital channels. It's unclear how Amazon's entry into the NFT market will impact the industry, which has seen a significant drop in activity lately.
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