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The world’s largest retailer, Amazon, has experimented Web3 technology for some time, according to a report from Blockwork. Companies may soon announce the launch of new initiatives related to NFTs.
NFTs Taking The World?
In the spring, Amazon is expected to launch its NFT initiative. As multiple sources point out, Amazon is in the early stages of exploring options for its digital collection initiative, and there are many potential applicants.
The list of entities mentioned above is said to include blockchain layer-1, blockchain-based game startups, as well as digital asset developers and exchanges. Two sources have indicated that blockchain-based games and related NFT applications are at the forefront of the project.
It has been reported that one of the examples, which according to a source is being worked on, is that Amazon customers will be encouraged to play crypto games in exchange for free NFTs. It has been reported that the effort is still in its early stages, according to sources. Announcing his ambitious crypto ambitions in April seems to have been written as when the e-commerce giant will make the news.
This was disclosed by one source Amazon executives are responsible for leading the push and that they have contacted at least one office in the last few months. The plan, in its initial form, was to do at least one NFT drop with an artist at that point, the same sources said. However, the project did not go according to plan. Since then, there has been a significant evolution in Amazon’s Web3 blueprint.
Although Amazon Web Services occasionally posts job vacancies for Web3 developers and engineers, the e-commerce site is not as well-known for pursuing crypto and blockchain technology as it is for its Web3 realm. After the introduction of Amazon Coins in 2013, the program is still around, but it is more akin to a loyalty program than anything to do with cryptocurrencies.
Over the last few months, there have been over 2.5 million interactions between users and OpenSea, today’s largest NFT marketplace by volume. NFTs are now available for buying and selling in several established places on the internet.
As soon as Amazon enters the competitive space, things are likely to change immediately as a result. It’s easy for tech giants to expand their market share because they have a lot of resources at their disposal. In the NFT sector, decentralization is currently not out of speculation, but can change the mindset of the centralized giants introduced.
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