The leading E-Commerce platform Amazon has been looming the crypto empire for quite a long time. Amazon’s presence in the crypto realm signaled an effort to pursue a suitable NFT partner for its upcoming project.
Amazon Pursues Crypto Space
A 2022 report by Amazon’s Chief Executive Andy Jassy revealed that the tech company has longed for an NFT product. Jassy confirmed that Amazon had no plans to introduce a crypto payment method for its diverse customers.
Jassy plans to succeed this April since Amazon has been investing in developing a virtual game where customers could play and earn NFT bonuses. The new product is at its final stage of completion and is expected to be launched in spring.
The business associate selected by the tech firm to assist in developing the new product has yet to be revealed.
Amazon NFT Project
On January 9, Ian Holtz, the ByBit Global NFT ex-manager, updated the LinkedIn community plans to join Amazon to improve its Web3 Service. Holtz is tasked to lead Web3 projects since he has decades of experience in blockchain technologies and crypto assets.
Even though Amazon has not disclosed the features of the new NFT product. It was reported that the NFT program operates well on the company platform as opposed to Amazon Web Service (AWS).
Although the tech firm has been publishing new openings for experienced Web3 experts on the company site, Amazon has yet to portray much interest in crypto assets for years.
In 2013 when NFT was a new concept, the online retail store launched its first coin project, allowing consumers to earn bonuses. The coin project resembled a crypto project, but in this case, it was far from expectation since Amazon aimed at building customers’ confidence and trust through the program.
The Amazon move has created more controversy among the crypto community, which is worried about the primary purpose of the NFT project.
Following the OpenSea and Rarible scandal that exposed investors to huge losses after engaging in fraudulent NFT projects, investors are more careful about crypto assets.
According to the chief executive report, Jassy is optimistic that the NFT world will continue to grow.
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