E-commerce Giant Amazon Joins the NFT Industry

E-commerce giant Amazon is preparing to launch a new startup that will bring Non-Fungible Tokens (NFTs) to the world of digital commerce. With this move, Amazon is looking for ways to revolutionize the way people buy and sell digital. Big tech giant Amazon is taking another step to solidify its position in the crypto industry. The company will launch a Non Fungible Token (NFT) startup in the spring of 2023.

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Amazon Embraces Crypto!

The e-commerce giant will focus on different sectors with plans to dive into the NFT sector. The platform will reward players with unique items in the form of NFTs. Amazon already offers Prime service subscribers access to a video game platform. Members of this service can access the platform's catalog and receive monthly rewards for claiming A+ games. The new NFT startup could bolster the service by offering new rewards and attracting new users.

Amazon is far from being the first major tech company with crypto ambitions. Meta, Twitter and others have already launched crypto startups that allow their users to interact with digital assets. Regarding e-commerce and online purchases, its rival e-Bay has made significant attempts to gain a strong foothold in the emerging sector. In this sense, the company acquired KnownOrigin, the NFT marketplace.

The e-commerce platform is targeting a "much larger audience" to become a truly worldwide platform. Amazon may be pursuing similar goals. Two weeks ago, the company turned heads in the crypto industry by announcing a partnership with Ava Labs, the company behind the Avalanche blockchain. Crypto company Ava Labs has partnered with AWS to enable thousands of businesses to access this network. During the announcement, Howard Wring, Vice President and Global Head of Startup at AWS, said:

Amazon's NFT startup is seen as an interesting development in the e-commerce space. It will offer customers the opportunity to buy digital assets that are private and have a certain value attached to them, such as artwork or memorabilia. In addition, this could also enable companies selling such assets on the platform to easily identify and track them.

Overall, this new startup by Amazon is expected to help the e-commerce giant stay ahead of the competition, while allowing customers to access a range of exclusive products not available anywhere else.