Amazon is the Latest Tech Giant to Jump Into Web3

Amazon plans to join the Web3 realm as a NFT initiative. It turns out that Amazon will launch its digital asset enterprise in the spring. Blockworks has been informed by at least five sources who are well-informed about Amazon’s internal affairs.

Amazon seems to have been looking for the right partner to launch this initiative. It is looking for layer-1 blockchains and digital asset exchanges. It is also seeking Web3 developers to assist in the development of its digital asset enterprise.

Two sources claim that the company is interested in blockchain-based gaming as well as NFT applications. The NFT initiative will be run by Amazon Web Service (AWS) rather than Amazon Web Service.

It is still unclear what the operation will entail. One source says that Amazon customers might be able to play crypto games and get NFTs for free. An official announcement is expected to be made in April. This announcement will be a major one for the whole crypto industry. If they succeed, one source predicts that the company will disrupt several existing platforms in the space.

Amazon’s Success Could Threaten Existing Web3 Businesses

It is not yet clear who will lead this Web3 swarm. You can expect to see some hires of people with the right skills. Amazon has previously posted job openings for Web3-skilled engineers and developers. It was not clear, however, if they were interested in any specific job in this space.

These revelations raise a few questions. For example, what is the company’s Web3 initiative? It is unclear if the company intends to compete with NFT marketplaces like OpenSea or Rarible. If this is the case, then both platforms will consider a successful launch a significant threat.

Andy Jassy was the CEO of Amazon and he made it clear in the past that he was open for Amazon to enter Web3. He previously spoke about NFTs and integrating cryptocurrency. “Yeah,” he said, “I think it’s down [on selling NFTs I expect that NFTs continue to grow very substantially.” Although we are not likely to add crypto as a payment method in our retail business, I believe that crypto will grow over time and it’s possible for Amazon to ingrate crypto payments.

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