Amazon 'planning NFT marketplace'

Amazon reportedly has plans to create a Non-Fungible Token (NFT) marketplace.

Sources familiar with the matter told media company Blockworks that Amazon is launching a “digital assets enterprise”, with its NFT initiative launching as early as spring 2023.

The sources also reported that the new initiative will enable Amazon customers to play crypto games and claim free NFTs in return, adding that overall, Amazon is putting up a major focus on blockchain-based gaming as well as other related NFT applications.

Another insider told Blockworks that upon the new initiative’s launch, Amazon shoppers will be able to purchase fashion-oriented NFTs that are linked to physical clothing.

Multiple sources have also said that Amazon’s broader intention is to create “some type of private blockchain”.

The reports follow news that social media platform Intagram is testing the minting and selling of NFTs.

Speaking at the recent Mobile World Conference in Barcelona, Domhnaill Hernon, global lead at EY's metaverse labs, said that NFTs will “completely transform” the way we interact online.

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