According to several reports, Amazon could be making its first move in Web3 as early as this spring. And rather than delve into the crypto side of things, Blockworks reports that the largest retail company in the world plans to launch a non-fungible token initiative.
Until now, Amazon has taken a hands-off approach to crypto and NFTs. But according to sources, the company is interested in launching a digital assets enterprise on its primary platform — not on Amazon Web Services (AWS).
Beyond digital collectibles, Amazon also appears to be interested in blockchain-based games. Although no specifics have been released by the company, sources told Blockworks that Amazon could be launching its first activation in Web3 as early as April 2023.
It’s still not clear if Amazon intends to launch an NFT marketplace. But if it does, it could send shockwaves throughout the industry and disrupt some of the major secondary marketplaces like OpenSea and Rarible.
Worth noting, the current CEO of Amazon, Andy Jassy, has experience working with collectibles. After graduating college, he worked for five years as a manager for a collectibles company called MBI.
Although there has been no news about Web3 hires or the creation of internal teams to spearhead Amazon’s Web3 initiatives, last year Jassy told CNBC that he expects “NFTs will continue to grow significantly.” And while crypto as a payment was not expected soon, “it’s possible down the road.” Perhaps 2023 is the year.
Retail Giants Are Embracing Web3
The news that Amazon could launch an NFT initiative is huge for Web3 given the company’s enormous global reach. But Amazon isn’t the only retail giant that’s interested in Web3. At Rarity Sniper, we’ve reported several stories about retail companies and marketplaces investing in Web3. Here are the top three.
First, about seven months ago, the e-commerce company eBay acquired NFT marketplace KnownOrigin. The company said that it intends to be competitive in e-commerce by adding more digital goods to its list of tradeable items.
Next, Amazon competitor and Chinese e-commerce giant Alibaba, entered the metaverse with a luxury goods store called the Tmall Luxury Pavilion. According to the company, they have been experimenting with digital stores and VR and AR technology long before the metaverse became a buzzword.
Finally, on September 26, 2022, Walmart entered the Roblox metaverse with two experiences called Walmart Land and Walmart Universe of Play. The experiences included a virtual concert and an obstacle course featuring beauty products from popular brands.
The trend of retail companies moving towards digital collectibles and the metaverse is in full effect, and Amazon entering Web3 would be the biggest news yet. We’ll have to wait until at least April to see if the rumors are true, but considering what’s happening in the space with competitors, we’re sure that sooner or later Amazon will get on board the Web3 train.