According to a recent report by Blockworks, Amazon is preparing to enter the non-fungible token (NFT) market.
The ecommerce giant would have collaborated with Web3 top players — such as developers, layer-1 blockchains, digital asset exchanges, and startups — to focus on the development of blockchain-based gaming and NFT applications.
Although the initiative is still in development, and it is unclear who will head the endeavor or what it will focus on, Amazon is moving closer to Web3, a technology that the company has previously expressed interest in.
In April of last year, Amazon CEO Andy Jassy expressed optimism about cryptocurrencies and NFTs — foreseeing the eCommerce giant’s potential decision to begin accepting cryptos as payment and selling NFTs.
Many expected Amazon, as a tech titan, would follow in the footsteps of other peers such as Meta and Microsoft – now, Blockworks’ sources have confirmed this plan.
In the end, the crisis that affected last year and carried over into this year, resulting in big tech companies’ profit forecasts falling short of expectations, has forced them to uproot their strategies and focus on new revenue streams.
A pivotal part of Amazon’s strategy to deal with the crisis can be its decision to enter the lucrative NFT market, which is predicted to reach $231 billion by 2030.