Amazon, one of the world’s most popular online retailers, plans to launch an NFT gaming initiative in April. The new initiative will be the company’s first foray into the cryptocurrency space. Blockworks broke the story on Thursday, citing sources familiar with the situation.
A number of insiders told Blockworks that Amazon has been collaborating with key industry players to push the new initiative forward. Some of these entities include blockchain-based gaming firms, game developers, and exchange platforms.
While the new initiative is still in the planning stages, one of its objectives is to allow Amazon users to participate in cryptocurrency games and receive free NFTs as prizes. The report also highlighted that the NFT gaming platform will be based in Amazon proper rather than its well-known web hosting platform, Amazon Web Services (AWS).
Amazon’s foray into the cryptocurrency industry is hardly surprising. The online retailer gave hints about its future crypto adoption plan when it published a job listing in 2021. Amazon at the time said it was seeking a Financial Services Specialist with knowledge of Blockchain.
The company claimed that the position would collaborate with capital market operators, regulators, and financial institutions to examine how the firm can generate profit from the use of crypto.
In recent news, AWS has teamed up with Ava Labs to accelerate the adoption of scalable blockchain solutions across enterprises, institutions, and governments.
The Adoption of Crypto Across Retail Platforms
The use of cryptocurrency on retail platforms is increasing as more businesses begin to accept it as a form of payment. For instance, Farfetch, an online luxury fashion retailer has announced its intentions to accept cryptocurrency payments on its platform. The retailer said it will accept seven cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
In a similar situation, Konzum, the largest supermarket chain in Croatia has also keyed into the blockchain adoption initiative. The retailer said it will begin taking a few digital currencies for online purchases across its 12,000 product lines.
While the adoption of blockchain has profound benefits for both businesses and customers, it is important to note that the use of crypto in retail is still in its early stages and may be limited by regulatory and practical considerations.