Amazon May Start Selling NFTs & Using Cryptocurrency

Non-fungible tokens (NFTs) have taken the world by storm, so much so that even Amazon Inc. is thinking of getting into the business, the company’s CEO recently confirmed.

While speaking to CNBC, Andy Jassy revealed Amazon is interested in cryptocurrencies and NFTs. While he said the company isn’t necessarily close to adding cryptocurrency as a form of payment via its online platform, he foresees digital currency increasing in importance on a global scale.

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He also had similar things to say about the value of NFTs, “You know, I expect that NFTs will continue to grow very significantly.”

When asked whether Amazon would sell NFTs, he confirmed the possibility. “I think it’s possible down the road on the platform,” Jassy replied.

NFTs have dramatically increased in popularity in the last year, with a number of high-profile digital assets selling for whopping amounts. The most expensive NFT sold to date is Beeple’s Everydays: The First 5000 Days, which sold for $69.3 million in 2021. More recently, Julian Assange and Pak’s Clock NFT sold for $52.7 million last February.

As reported by CNBC, data from Nonfungible.com shows that global NFT trading amassed more than $17.6 billion last year – a 21,000% rise from the year prior. It’s expected these numbers will increase substantially by the end of this year.

This isn’t the first time Amazon Inc. has expressed interest in cryptocurrency. Last July, it was reported that the company was looking to hire a digital currency and blockchain expert to help “develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.”

Furthermore, an Amazon representative confirmed the company’s interest in cryptocurrency after the job posting’s release.

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon,” the statement read. “We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

Jassy didn’t provide a timeline for when Amazon plans to introduce cryptocurrency or NFTs to its platform. But given the wealth of the company, it may not be far in the future.

Earlier this month, we reported that Jassy made $212 million in total compensation in 2021, a sign of the company’s continued success. Jassy’s impressive compensation package came less than a year after he took over as Amazon Inc.’s CEO in July, following Jeff Bezos’s decision to step down.

Sources: CNBC, The Verge, NFT Now,

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