Amazon Could Sell NFTs in the Future — CEO Andy

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Speaking on Thursday to CNBC after delivering his first shareholder letter, Andy noted that they were considering adding cryptocurrencies as a payment option for its range of merchandise, although they were “not probably close”.

“We’re not probably close to adding crypto as a payment mechanism in our retail business but I do believe over time that you will see crypto become bigger and it’s possible,” Andy told “squawk box” host Andrew ross.

His comments come even as more retail giants and firms lean towards accepting cryptocurrencies. Last year, Amazon hinted at making a debut in the blockchain sector after advertising for a vacancy of “Head of Digital Currency and Blockchain.” The candidate would join its payment acceptance team and help in steering the company towards crypto adoption.

Although the company has remained largely muted on cryptocurrencies, the advert, as well as Andy’s comments, are seen as a major indication of Amazon’s commitment to cryptocurrency innovation, hinting there are high chances of launching something big in the future. 

Moreover, even though Amazon is yet to accept cryptocurrency payments, customers may use third-party proxies such as Paypal, Crypto.com, BlockCard, and Paybis to pay for purchases.

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Amazon Could Sell NFTs

Andy, 54, also expressed his satisfaction with Non Fungible Tokens (NFTs), stating that Amazon could start selling them in the future.

“I think NFTs have really started to take off,” Andy said noting that he expected that they “will continue to grow very significantly”. Asked if Amazon could start selling NFTs, he replied, “I think it’s possible down the road.”

With NFTs exploding in the past year, a ton of institutions and individuals have been entering the sector attracted by the many utility and profits it has to offer. Already, Amazon’s competitor eBay sells NFTs on its platform with other companies such as Sony, AMC, and McDonald’s taking giant leaps into the nascent sector.

Last year, NFTs generated about $17.6 billion in revenue, a figure that could get eclipsed this year, especially with the emergence and rapid growth of the metaverse. CEO Andy Jassy’s replaced Amazon founder Jeff Bezos in July 2021. He has stated that he does not own any NFTs or Bitcoin.

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