Amazon could be preparing to break into the digital assets industry in 2023. The e-commerce giant is reportedly set to launch an NFT initiative in April that would be tightly integrated with its parent platform. NFTs or Non-Fungible Tokens are digital collectibles built on blockchains that transfer their full ownership to buyers. Business experts from around the world have consistently predicted that NFTs that are also compatible in the metaverse could be the next advance that global brands could take to connect with native Web3 consumers.
Amazon’s Plans to dabble in the Web3 space could result in the platform encouraging its customers to play games and make money NFTs as a reward, a Blockworks report said, citing people familiar with the matter.
Amazon has long stayed away from the crypto sector due to its volatility and legitimacy issues. In 2022, however, the adoption of NFTs grew in several parts of the world.
Several high-end and worldwide renowned brands linked their products to NFTs to attract Web3 enthusiasts.
A total of US$260 million (around Rs.2,074 crore) has been bagged by high-end luxury brands such as Nike, Gucci, Dolce & Gabbana with sales of their NFT pieces, a Report by NFTgators said last August.
As a seller of thousands of local and international brands, Amazon could now see NFTs as a way to multiply its own revenue. If Amazon enters the NFT arena, it could single-handedly drive mass engagement from people with digital assets.
“We knew it was possible. But now it really seems so. That will impact the existing players in the space – if they execute and do this right and deal with it wisely,” the Blockworks report quoted its anonymous sources as saying.
For now, Amazon’s official announcement on its NFT-related plans remains to be seen.
