Amazon Is Developing An NFT Platform In Stealth Mode - Kitco NEWS

Amazon Is Developing An NFT Platform In Stealth Mode – Kitco NEWS

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(Kitco News) – E-commerce behemoth Amazon is reportedly looking to become the next globally-recognized brand to establish its own non-fungible token (NFTs) platform and could be launching its initiative as early as spring 2023.

Blockworks obtained this information from four sources familiar with the matter, who said that Amazon has been pitching its new digital collectibles platform to various players in the crypto ecosystem including layer-1 blockchains, blockchain-based gaming startups, developers and digital asset exchanges.

The main focus of the offering is on blockchain-based gaming and related NFT applications, including one application that is specifically designed to entice Amazon customers to play crypto games and claim free NFTs in the process.

At this stage of development, Amazon is keeping details about the venture secret but one source believes they plan to announce the new platform in April.

The e-retail giant entering the NFT space is “a big one” for the crypto ecosystem “for many different reasons,” one source said. “We knew it was possible, but now it seems like it’s really happening. That’s going to affect the existing players in the space – if they execute and do this right and are smart about it.”

Early iterations of the plan included a goal to do at least one NFT drop with an artist, and Amazon executives reached out to at least one family office to explore interest in that idea. Since that time, the company’s plans have apparently evolved to include gaming and more user interaction.

Details on the new venture remain scarce at this stage and it’s not clear which personnel at Amazo