Amazon CEO says crypto will boom, company might sell NFTs
Andy Jassy, Amazon’s CEO, states that the e-commerce behemoth isn’t close to enabling cryptocurrency payments, but he thinks the crypto market has a lot of potential in the future.
He states this in an interview with CNBC on Thursday, remarking ‘Squawk Box’ host Andrew Ross Sorkin:
“We’re not certainly close to incorporating crypto as a payment option in our retail operation, but I do believe it will become more prominent over time.”
Amazon to sell NFTs
Non-fungible tokens (NFTs) have taken off, with almost every other big business either already utilizing digital assets or exploring the possibility. The UK government is one of those that want to establish an NFT in 2022.
In the same vein, Amazon is another giant that may soon get involved with NFTs, as Jeff Bezos himself has hinted that the company could sell them in the future.
It’s not unusual that Amazon may start selling NFTs. With trillions of dollars’ worth of transactions expected this year, it’s likely to surpass the $17.6 billion recorded last year.
Amazon is well placed to facilitate these trades given its e-commerce dominance.
While Amazon has not officially announced anything regarding NFTs; it will make sense for the company to get onboard given the current craze.
Amazon could also offer NFTs as a way to boost sales of its Amazon Prime membership.
Jassy is optimistic about the future of NFTs, especially since Amazon has shown interest in selling them.
According to Jassy, the sector may see even more expansion, and Amazon might investigate the business of selling NFTs.
On its platform, eBay already sells NFTs as a competitor to Amazon’s online retail business.
“I think it’s feasible on the platform in the future,” he explains to CNBC.
Following the Amazon CEO’s comments, which he makes in his first shareholder letter since taking over from Jeff Bezos in 2021. He claims he doesn’t own any Bitcoin or NFTs.
It’s not just Amazon that is bullish on the cryptocurrency industry. PayPal CEO Dan Schulman believes that cryptocurrencies will become a mainstream payment method in the next five to 10 years.
PayPal also allows users to buy, hold and sell cryptocurrencies on its platform. The company has also been working with central banks around the world on cryptocurrencies.
How will this impact Amazon? However, from the CEO’s comment, it is only a matter of time.
But one thing is certain, whenever the e-commerce giant decides to fully integrate cryptos into its business.
Its teeming customers are ever ready to go with the flow.
What do you think about the Amazon boss’s comments on cryptocurrencies? We will like to hear from you.