Amazon Planning New NFT Initiative
Amazon is planning a new initiative using non-fungible tokens that could be launched in the spring, Blockworks reported, citing four sources familiar with the plans.
The tech giant has over a dozen partners lined up for the project, which is focusing on gaming, Blockworks said. One example could involve a push to get Amazon customers to play crypto games and claim free NFTs.
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.
According to recent PYMNTS reports, the volume of “minted” NFTs has decreased by 60%, and the number of active buyers and sellers is about a third of what it was at the start of 2022.
The effort is still being developed, and it could launch in April, according to the report. Two sources told Blockworks that the platform would be run out of Amazon rather than AWS, or Amazon Web Services, a subsidiary of Amazon.
(With inputs from Shikha Singh)
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