Amazon is advancing its efforts to establish a presence in the cryptocurrency market. A non-fungible token (NFT) proposal would reportedly be introduced by the firm sometime in the spring of 2023.
Six people with knowledge of the situation are cited in the report. It states that to assist its NFT strategy, Amazon has collaborated with more than ten cryptocurrency initiatives. Following a fall in the NFT market from its peak in 2021, the initiative might reinforce and resuscitate the industry.
The e-commerce giant would reportedly concentrate on several sectors and dabble in NFT gaming. Players who use the platform will receive special NFT rewards.
Amazon already provides access to a videogame platform to customers of its Prime service. Members of this service have access to the platform’s library and are given prizes each month that can be used to buy AAA games. By providing additional incentives and drawing in new customers, the new NFT project could strengthen the service.
According to news reports, the NFT platform is currently under development and may operate directly on Amazon rather than through Amazon Web Services (AWS). There is no formal announcement from Amazon or its management, although the firm may disclose further details in April 2023.
To reach a “much bigger audience” the e-commerce site aims to reach a “truly worldwide platform.” Amazon might be working toward such goals.
The business garnered interest in the cryptocurrency sector two weeks ago when it disclosed cooperation with Ava Labs, the organization in charge of the Avalanche blockchain. To grant access to this network to thousands of businesses, the cryptocurrency company teamed up with AWS.
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