- Amazon acquires a series of Non-fungible Token companies to strengthen its upcoming blockchain arm.
- Amazon to open an NFT marketplace and launch a series of crypto games for its users.
According to reports, Amazon.com Inc. is preparing a non-fungible token program for the second quarter of 2023 that would let users earn tokens by participating in games.
This report was further substantiated by interviews from sources carried out by Blockworks, a media company, that Amazon has been acquiring NFT companies within the crypto space to form the building blocks of its NFT arm.
Blockworks’ sources claim that these acquisitions include Layer-1 Blockchains, digital asset exchanges, and9 blockchain-based gaming startups, and developers. With Amazon’s enticing words circling around blockchain-powered games and NFT-related applications.
This reported speculation that Amazon is making a move for the crypto industry will prove significant and send a positive wave through the blockchain-based gaming industry.
The blockchain-based gaming industry has suffered a huge decline as a result of scams and sagas within the crypto ecosystem. The recent FTX saga also doesn’t help. The number of crypto gamers in 2022 dropped from highs in 2021. Referred to as a “booming” market at the beginning of 2021, NFT sales dropped by 80 percent in December of 2022.
The above data might come as a concern for some. Amazon, however, is unconcerned by that information. It witnessed the peak of the cryptocurrency gaming industry when many of those projects were compelled to increase the amount of storage that Amazon Web Services (AWS) gave as a result of the enormous demand.
According to numerous reports, Amazon will manage the new NFT platform directly rather than through subsidiaries. This is intended to help it maintain absolute control over the NFT platform, should it grow to be the largest in the industry. Possible options include launching a fresh independent service or integrating it with current Amazon services like Prime Gaming or its Application store.
Given that Amazon owns Twitch, it is unclear at this time whether the brooding Amazon NFT platform others with others. The likes of OpenSea and Rareable are bigger platforms and potential competitors to AmazonNFT at this time.
Amazon expands its arms through different NFT partnerships
Amazon may be a newcomer to NFTs, but it is not a newcomer to blockchain technology. Ava Labs Inc., a blockchain startup, stated on January 11 that it had partnered with Amazon Web Services. The partnership will help to speed up the adoption of blockchain by businesses, organizations, and governments.
As part of the collaboration, AWS will support Avalanche’s decentralized application ecosystem and Avalanche infrastructure. It will also allow operators of Avalanche nodes to use AWS GovCloud for use cases that comply with FedRAMP.
Amazon has been among large corporations that refused to accept cryptocurrency payments for its services. However, these speculations point to a slow but gradual opening up to the cryptoverse by the retail giants. How long this opening up might last is unknown, but it is not far-fetched to say a crypto-friendly Amazon company is budding in the near future.
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