In 2023, Amazon may finally decide to enter the digital assets market. The NFT effort, which will be closely connected with the parent platform, is expected to be unveiled by the e-commerce behemoth in April. Digital collectables called NFTs (Non-Fungible Tokens) are constructed on blockchains that give their customers full ownership. 

Repeatedly, international business leaders have pointed to NFTs as the next innovation that global businesses may use in order to connect with Web3 native customers.

According to a Blockworks article, which cites 'people familiar with the topic,' Amazon's ambitions for the Web3 space may include encouraging consumers to play games and collect NFTs as prizes.

Amazon has avoided the cryptocurrency market for a long time due to uncertainty and doubts about its authenticity. However, NFT use increased in certain regions in 2022.

In order to attract Web3 fans, some luxury and well-known firms connected their wares to NFTs.

According to a report by NFTgators from last August, the sales of NFT products by high-end luxury labels like Nike, Gucci, and Dolce & Gabbana have collectively raked in $260 million (approximately Rs. 2,074 crores).

Amazon, which already sells thousands of different brands from all over the world, would see NFTs as a means to significantly increase its profits. The company's potential entry into the NFT market could spark widespread interest in digital assets.

Certainly, we had no doubt that it was feasible. But that appears to be happening now. That's going to affect the present players in the market — if they deliver and do this well and are clever about this,” the Blockworks report cited its mysterious sources as saying.

According to sources, the e-commerce behemoth is considering making its crypto plans public in April 2023. The quantity of Amazon's clients suggests that the company might have a significant impact on the NFT market, according to the sources.

On January 11, Ava Labs—the startup behind the Avalanche blockchain—announced that it would be partnering with AWS. According to Ava's CEO Emin Gün Serer, 'being able to build up nodes and test networks on the go using AWS in any legal area is a major boost both for individual and enterprise developers.'