Amazon looks set to enter Web3 with NFT initiative: report

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Leading e-commerce platform Amazon is set to launch a digital assets company and start  NFT initiative this spring, according to crypto asset media Blockworks.

The move, if true, would mark Amazon’s first step into the Web3 domain.

The new business will focus on blockchain-based gaming and related NFT applications, as developers are working on ways to get Amazon customers to play crypto games and claim free NFTs, Blockworks reported on January 27, citing multiple unnamed sources said to be familiar with the matter.

The e-commerce giant is working with a number of entities including layer-1 blockchains, blockchain-based gaming startups and developers and digital asset exchanges, according to Blockworks’ report.

Amazon’s Web3 initiative is still in development and the company may make an official announcement in April, the report said.

Details of the NFT initiatives and related games were still unfolding but the new platform is set to be run by Amazon itself, instead of Amazon Web Services (AWS), a cloud business that provides Web3-related services. 

In April 2019, AWS launched Amazon Managed Blockchain, a service that allows users to easily create and manage blockchains, and in March 2009, the service also began supporting Ethereum.

Amazon is exploring an array of Web3 projects in addition to NFTs, and it is speculated that it will hire many new personnel. 

In April last year, Amazon chief executive Andy Jassy told US media that he could see the company selling NFTs “down the road.” He also said at the time the company however was not close to integrating cryptocurrency payments for its retail business.