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Amazon Entering The Field Of Web3 Through Gaming And NFTs

Key highlights

Rumor has it. According to a recent report by Blockworks, Amazon is planning to enter Web3 through gaming. Amazon’s focus on the Web3 field seems to be growing.

What Could We Expect From Amazon In Web3

The focus of Amazon’s initiative is expected to be on blockchain-based gaming that rewards players with NFTs. Amazon customers to play crypto games and claim free 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.

In April 22, Amazon’s CEO, Andy Jassy hinted at possible NFT sales in the future during a Squawkbox interview on CNBC.

I expect that NFTs will continue to grow very significantly. We’re not probably close to adding crypto as a payment mechanism in our retail business, but I do believe over time that you’ll see crypto become bigger and—it’s possible [that Amazon ingrates crypto payments]. Amazon’s CEO, Andy Jassy, April 2022.

Amazon is expected to reveal their Web3 plan within the coming months.

Another question is still open: could Amazon compete with OpenSea and Rarible as an NFTs marketplace? On the bright side, this will allow users to buy and sell art, collectibles, video game assets and NFTs. Amazon is well known and used by billions of users, this could be an easy user-friendly transition to Web3 for beginners.

Who Amazon Is Partnering With

Last summer, Amazon partnered with VeChain to help improve its scalability, security, and other capabilities.

More recently, through Amazon Web Services, AWS, Amazon entered into a “cooperation” with Ava Labs, the company behind the Avalanche blockchain.

2023 Trends Confirmed : More Established Businesses Interested in NFTs

Despite recent news stories about the fall of FTX and the arrest of Sam Bankman-Fried, which have caused many people to lose trust in Web3, NFT projects continue to raise, however with much more solidity and reliability.

As the world’s largest retailer, Amazon’s entry into the NFT market is a significant step in the mainstreaming and adoption of this technology.


Nadia Toughrani

About Author

Nadia knows the ins and outs of Web3 and are here to help you successfully navigate the world of cryptocurrency, NFTs, DeFi, the Metaverse as well as other emerging trends as they arise.

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