Amazon Inc. is set to launch its Non-Fungible Token (NFT) platform in April. Its entry into the NFTs and Web3 ecosystem indicates that the industry is poised to revive in 2023.
Amazon’s entry into the Web3 ecosystem
An exclusive report by The Big Whale reveals that Amazon is set to launch a non-fungible tokens (NFTs) marketplace on its website. Amazon is expected to have 15 NFT collections on its platform at its debut. These NFT collections will be accessible on Amazon’s website under the “Amazon Digital Marketplace” page.
Amazon’s foray into NFTs was initially announced in January of this year. According to reports, Amazon’s NFT plan would enable the firm to concentrate on blockchain-based games that will pay out non-fungible tokens to players.
Amazon has recently shown a rising interest in Web3 technology. Its decision to launch the program follows a recent partnership between AWS and Ava Labs, the firm behind the Avalanche blockchain. Ava Labs plans to provide Subnet deployment as a managed service to the Amazon Marketplace, allowing users to create customized Subnets swiftly.
Amazon also released a new documentary called “NFTMe” in December 2022, presenting non-fungible tokens. This documentary interviews artists, collectors, and industry experts worldwide, discussing their experiences with NFTs. It emphasizes how the convergence of technology and art has improved their lives.
Amazon’s interest in the Web3 ecosystem is also visible from its provision of support to some of the most popular NFT platforms. Superplastic, a creative NFT studio, just received $20 million in Series A financing from Amazon and others.
Could AVAX skyrocket due to Amazon’s entry into NFTs?
Because of its current connection with AWS, Avalanche might benefit from an extended Amazon push into NFTs. Avalanche became the first layer 1 blockchain to collaborate with Amazon in mid-January, in a move that was largely lauded as a means of increasing corporate and government use of blockchain technology.
