Could Amazon Be the Biggest NFT Marketplace?

The new CEO of Amazon, Andy Jassy, believes that Amazon could potentially sell non-fungible tokens (NFT) in the future.

Non-fungible tokens (NFTs) have caught on huge time, with virtually each different huge firm both already tapping into the digital property. ‘NFT’ was chosen as the word of the year by Colling Dictionary in 2021. After ‘Climate Strike’ in 2019 and ‘Lockdown’ in 2020, NFT, according to the Dictionary, was one of the most used words of the last year, with a “meteoric” 11,000 per cent increase in its usage.

Amazon Could Bring In Crypto Very Soon

According to an interview, Andy Jassy, said that the e-commerce large will not be near accepting cryptocurrencies for funds, however believes the crypto sector has the potential to understand even larger progress sooner or later. Jassy added that he doesn’t own bitcoin or NFTs and doesn’t think Amazon is close to adding crypto payment options in the future, but he believes crypto will become more significant over time. 

Jassy, after he released his first annual shareholder letter since taking over the helm from Amazon founder Jeff Bezos, said that he could envision a future where the e-commerce giant sells NFTs. NFTs are digital assets — from music to a website domain to digital artwork — whose ownership is recorded on a blockchain. He remarked, 

“We’re not probably close to adding crypto as a payment mechanism in our retail business, but I do believe over time that you’ll see crypto become bigger. You know, I expect that NFTs will continue to grow very significantly.”

2022 is set to be the year when Amazon launches their own cryptocurrency, but there have been no clear details over exactly when in the year that will be. Amazon believes that customers will be able to use the Amazon Crypto Token whilst shopping on the Amazon website, although how long this will take to implement is also unclear.

Amazon’s Tryst With Crypto

In July of 2021, Amazon opened a position for a digital currency and blockchain product lead to help build out a Web3-focused strategy and product roadmap. A growing number of companies have started to accept virtual currencies for payment, bringing an asset class shunned by major financial institutions until a few years ago closer to the mainstream.

Last year, eBay allowed the sale of NFTs for digital collectibles like trading cards, images or video clips on its platform, the first e-commerce company to tap into the around he concept of non-fungible tokens (NFT).