NFTs and Crypto: Amazon CEO Andy Jassy discusses the likely chance of adoption

Big tech and corporate firms have continued to adopt crypto because of its growing popularity of the latter. The changes have mainly been spurred by the desire for an increase in value as the users tend to invest more in crypto. The recent rise seen in the value of NFTs is another indicator that these might get mainstreamed soon.

Different corporate firms have begun to accept crypto as a payment method. These include giants like Tesla, which began to accept Dogecoin for the purchase of merchandise. Other companies might also follow suit, and customers have the same questions regarding Amazon, which its CEO Andy Jassy answered in an interview. A brief overview of the said discussion is given as follows.

NFTs, crypto, and their growing domain of influence

NFTs and crypto are replacing the traditional markets through the monetary value they have gathered over the last few years. An example of NFTs’ value is Jack Dorsey’s maiden tweet, which was sold in millions, Beeple, etc., which has attracted the public.

Meta, formerly called Facebook, has also announced that it will soon launch Non Fungible Tokens on its platforms. So, customers have the same questions regarding giants like Amazon. But the latter is not sure whether they should go for it. Andy Jassy doesn’t own crypto or NFTs and has preferred not to give any detailed timeline about their launch.

Andy Jassy talks about NFTs and crypto in Squawk Box

Andy Jassy talked on CNBC’s show Squawk Box, where the host talked about various ideas and prospects. One of these included crypto which has expanded significantly over the last few years. Amazon is in a leading position in the corporate world. A recent job opening at Amazon had suggested that it might soon join the club and introduce crypto.

Even though many other giants like eBay, Walmart, Etsy, etc., haven’t begun accepting crypto or selling NFTs, they are waiting for the lead. If a big firm takes the lead, they will follow suit. In contrast to these stores, Newegg, a tech-based store, has begun to accept crypto.

Jassy was of the view that the crypto economy would make significant progress. He said that though crypto is a developing economy, it has prospects of growth that will amaze the investors. He expressed the same views about NFTs, which will ‘take off significantly.’ He also expressed hopes for Amazon to support NFTs someday. Jassy preferred not to give a timeline for when Amazon will start working on recognizing/selling them. 

The prospects of crypto and NFTs in Amazon

Jassy was also asked about the prospects of Amazon accepting crypto as a payment method. His answer to this question was that they haven’t yet considered changes to their business model to include these changes, but it will be a part of Amazon in the future. When asked about whether he owns Non Funglibe Tokes or crypto, Jassy answered no.

The trading volume of NFTs over the last year was $17.6 billion in 2021, which is why it might attract corporate giants. Amazon is interested in making its place in the Web 3 arena and is working on the roadmap to express its role. Jassy’s views might be a hint to what Amazon might introduce soon.

Conclusion

Amazon CEO Andy Jassy talked on CNBC show Squawk Box, where he was asked about NFTs, crypto, and their future in Amazon. He said they don’t have any plans to introduce these two in the near future but might go for them as the roadmap is planned. Though he doesn’t own NFTs, he has expressed positive views of them.