Amazon Is Ready To Conquer Web3 Space

Mar 10, 2023
3 min read

This blog post will cover:

  • NFT service by Amazon
  • Big enterprises are targeting the Web3 space

NFT service by Amazon

Everyone is looking forward to Amazon's entry in the NFT world. Reports have shown that the company is getting ready for the launch of its new feature next month.

The company has been developing its NFT service for a few months now. News about it appeared in early January. In fact, the company's CEO, Andy Jassy, was confident about the success of the NFT market long before these events. Last year he said:

In a report by Blockworks, there is information that the e-commerce giant wants to build a “digital assets enterprise”, which would aim at NFTs and Web3 gaming. Unfortunately, the sources of such big news decided to stay anonymous.

From April 24, customers would be able to see NFT collections on the “Amazon Digital Marketplace” tab. However, the report claims that at first only American residents will have a chance to see a new feature, and only with time everyone in the world will be able to use it too.

Amazon was getting ready to open the Amazon Digital Marketplace earlier this year, but it was postponed because of the uncertainty on the crypto market.

Big enterprises are targeting the Web3 space

Huge companies weren’t scared away from Web3 space regardless of all problems in the Crypto World, like collapse of FTX exchange and the crash of cryptocurrencies. Earlier this year, Amazon initiated a collaboration with Ava Labs. One of the goals of this partnership was to help the popularization of blockchain technology.

Not only Amazon got interested about Web3 opportunities. For example, in November, Sony filed documents for the patent. This step has revealed the public company's intention to create a solution for tracking what’s happening with in-game digital assets: when they were created and how they’ve been used. Investment company Fidelity became interested in Web3 too. Recently it filed for three new trademarks.

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