Stakeholder EngagementHintRumor Mill: Launch Of Amazon NFT Initiative Imminent
Milestone Date: April 13, 2022
Multiple sources say Amazon is preparing to launch a digital assets enterprise by first stepping into the non-fungible token (NFT) space. Its NFT initiative is expected to launch this spring and it’s certainly likely that Amazon will make a big splash in the NFT marketplace considering how many customers it has. Amazon has a reputation for innovatively leveraging emerging technologies to the chagrin of its competitors. If the team pulls this off, the retail and business industries could be in for another massive disruption.
Sources also say the tech giant has been shopping the effort to Layer-1 blockchains, blockchain-based gaming startups, developers, and digital asset exchanges. It seems Amazon’s Web3 development continues to evolve beyond the experiments of other big brands (e.g., collaborating with an artist to drop an NFT collection).
During a Squawkbox interview in 2022, Andy Jassey stated, “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 down the road [that Amazon ingrates crypto payments].”
By Elizabeth Morrison
Published:April 19, 2023