Amazon CEO says crypto will boom, company could sell NFTs

Amazon CEO says crypto will boom, company could sell NFTs

By Benson Toti - min read

Amazon CEO Andy Jassy has said that the e-commerce giant is not close to accepting cryptocurrencies for payments, but believes the crypto sector has the potential to realise even bigger growth in the future.

Jassy said this during an interview with CNBC on Thursday, telling ‘Squawk Box’ host Andrew Ross Sorkin:

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,”

The Amazon exec’s comments come at a time many companies continue to lean toward accepting digital assets for payments. The e-commerce had itself signaled some intent on the subject after it advertised for a crypto and blockchain expert in 2021.

But it appears the eventual adoption of cryptocurrencies as a payment option at the world’s largest online retail business is not something that will come anytime soon.

Amazon could sell NFTs

Non-fungible tokens (NFTs) have caught on big time, with almost every other big company either already tapping into the digital assets, or looking to do so. The UK government is one of those looking to create an NFT in 2022.

So it might not be surprising that Amazon could start selling NFTs. NFT sales account for billions of dollars worth of trades, with this year likely to eclipse the $17.6 billion recorded last year.

According to Jassy, the sector could see even more growth and it is possible for Amazon to explore the business of selling NFTs. Amazon’s online retail business competitor eBay already sells NFTs on its platform.

I think it’s possible down the road on the platform,” he told CNBC.

The Amazon CEO’s comments came after his first shareholder letter since replacing Amazon founder Jeff Bezos in 2021. He says he doesn’t own any Bitcoin or NFTs.