Amazon NFTs and Token Reportedly in the Works

• Amazon will reportedly launch an NFT initiative that will allow consumers to purchase NFTs tied to real-world assets, with both digital and physical purchases possible.
• The e-commerce giant previously announced its NFT initiative in January and is now taking it further by creating an NFT marketplace, which may be available to customers in April.
• Amazon is also partnering with Web3 design firm Ava Labs, which can help developers create applications that incorporate Amazon’s blockchain-based games and related NFT applications.

Ecommerce giant Amazon is reportedly venturing into the non-fungible token (NFT) space; for this integration the company disclosed that they will allow their consumers to purchase NFTs tied to real world assets.

In January, Amazon first announced their NFT initiative by launching a digital asset company highlighting a focus on blockchain-based games and related NFT applications. The new announcement of NFTs tied to real world assets is a new development for their venture.

According to a source, Blockworks reports that once their digital collection initiative goes live, the company plans to notify every Amazon Prime customer — at least in the US.

As per sources, Amazon’s NFT venture will enable both digital and physical purchases much like a fashion-oriented NFT strapped to a pair of jeans. Basically, the NFT will be delivered to the customer’s account while the physical counterpart will be delivered to their doorstep.

Also last January, Web3 design firm Ava Labs announced its partnership with Amazon.

“AWS Activate is an excellent resource for developers to bring applications to the masses with Avalanche’s incredible speed, security, and scalability at their core,” John Wu, President of Ava Labs, stated.

In 2019, Amazon Web Services expressed their desire to offer a different approach to Centralized and Decentralized blockchain solutions. (Read more: Amazon Wants to Serve Centralized and Decentralized Blockchain Solutions)

NFTs Market

In addition, Amazon will reportedly launch an NFT marketplace– which will probably be called “Amazon NFT Marketplace” or “Amazon Digital Marketplace”. Upcoming marketplaces may be available to customers in April.

According to The Big Whale, the market could be released on April 24th. They also noted that the release would have been quicker if not for the collapse of cryptocurrency exchange FTX.

This article was published on BitPinas: Amazon NFTs and Tokens Reportedly in the Works

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