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Amazon’s technology hub plans to launch NFTs that provide ownership of physical goods to improve customer experience and attract more buyers.
Amazon (NASDAQ:AMZN) is developing non-fungible token (NFT)-centric initiatives that will enhance the customer experience. According to reports, the e-commerce giant seeks to tie ownership of NFTs to physical goods delivered to customers. This development marks a significant upgrade from Amazon’s initial attempts to launch a digital asset company.
The Amazon NFT platform could go live on April 24, with the company looking to notify every Prime customer in the US after that.
By tying digital assets to tangible goods, Amazon seeks to generate further interest in NFTs as assets worth owning. For example, a shopper could purchase a fashion-centric NFT linked to an item of clothing and pay by credit card. The same concept applies to every other category of goods available for sale.
Amazon CEO Considers Projected Enterprise NFT
Talking about the abundant possibilities of NFT schemes from a broader perspective, Amazon CEO Andy Jassy said:
“I hope NFT will continue to grow very significantly. We probably won’t be adding crypto as a payment mechanism in our retail business, but I believe over time that you’ll see crypto get bigger and – it’s possible that Amazon will incorporate crypto payments.
With Amazon’s massive customer base, introductions like this NFT initiative could reach unprecedented scale. The insider also touched on the projected scale of the initiative and its feasibility, saying:
“We knew it was possible, but now it looks like it’s actually happening. It will affect the players that are in the space – if they execute and do this right and are smart about it.”
However, the timing of the NFT’s launch still seems to be changing despite its launch date in April. Meanwhile, two other insider sources claim that Amazon will launch the initiative in May.
The supporting blockchain technology for the NFT agenda remains unclear, with Amazon considering several options. Reports state that Amazon representatives working on the project have reached out to a number of blockchain projects. This includes Layer-1 blockchains, blockchain-minded game platforms, and other emerging and established companies.
Amazon is working towards creating a private blockchain for its NFT initiative, although it is still unclear how this goal will be realized. Over the past year, multinational technology companies have become increasingly interested in Web3 technologies.
NFT documentary
Last December, Amazon revealed a new NFT documentary featuring artists, collectors, and industry specialists around the world. In the documentary, these residents share their experiences with digital assets and the positive impact of combining technology and art.
Titled ‘NFTMe,’ the documentary has featured more than 50 guests in its premiere season, including Peter Rafelson and Cheryl Douglas.
Amazon also funds other popular NFT platforms besides its own projects. For example, the tech giant played a major investing role in its $20 million Series A funding from NFT animation studio Superplastic.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He loves to unravel crypto stories to the basics so that anyone everywhere can understand them without too much background knowledge. When he’s not deep into crypto stories, Tolu enjoys music, loves singing, and is an avid film lover.
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