Amazon Announces NFT Initiative For Spring – PYMNTS.com
By PYMNTS | January 26, 2023
Amazon is making its first move into the crypto industry.
And the eCommerce giant is targeting non-fungible tokens (NFTs), not cryptocurrency.
That’s per a Blockworks report published Thursday (Jan. 26) revealing the online retailer’s plans to launch an NFT initiative this coming spring.
The report from the crypto industry publication cites several sources familiar with Amazon’s plans, who all claim that Amazon has been exploring the launch of a digital assets enterprise across its primary platform, and not via Amazon Web Services (AWS).
The world’s largest retailer, Amazon has so far kept the crypto industry at arm’s length while investing — and finding success — in other next generation digital commerce activations, including live selling.
Amazon’s entry into the Web3 landscape may provide a key boon to the credibility and vitality of an industry that presently finds itself at an inflection point.
As PYMNTS previously reported, the volume of “minted” NFTs has plummeted by 60%, and the volume of active buyers and sellers is a third of the levels seen at the beginning of 2022.
Separately, sports retailer Fanatics has lost its taste for NFTs and is unloading its majority stake in Candy Digital at a presumed loss.
However, despite NFT industry headwinds, Amazon is not the only traditional institutional player dipping its toes into the NFT marketplace ecosystem.
Fidelity Investments recently filed trademark applications for an NFT marketplace of its own.
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