- Amazon’s CEO has hinted toward future integration of Non-Fungible Tokens (NFTs) on the platform.
- The exec said he did not own any cryptocurrencies or NFTs at the moment but remained optimistic about their potential.
- NFTs surged in 2021 after recording incredible metrics but in recent months, the figures have begun waning.
Imagine the largest e-commerce platform in the world syncing with NFTs. In the near future, this might be a reality following the recent comments of Amazon’s Chief Executive Officer.
NFTs And Amazon – A Match Made In Heaven
Andy Jassy, Amazon’s CEO revealed in an interview with CNBC that the e-commerce platform might pivot to NFTs. Jassy did not give an exact timeline for the sale of NFTs on the platform but expressed keen optimism about the occurrence.
“You know, I expect that NFTs will continue to grow very significantly,” he told CNBC Squawk Box. Speaking on a potential integration, he added that “it’s possible down the road on the platform.”
His comments are not merely castles in the air because the company has previously dipped its toes in cryptocurrencies by announcing that it was hiring an expert for the payment team. The job ad read that the company was seeking an “experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.”
While there have been no major moves since the listing in 2021, the optimism points to an impending integration. A company spokesperson stated that the company was keeping a close eye on the innovation in the space and “are exploring what this could look like on Amazon.” He added, “We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”
Twitter has turned to NFTs with the addition of the NFT profile verification feature while Instagram and Meta are rumored to be working on a feature to allow users to buy and sell NFTs.
Amazon’s Growth Has Been Remarkable
In the course of the interview, Jassy was quizzed on the numbers behind Amazon after the throes of the pandemic and in light of the macroeconomic factors. He noted that the ecommerce giants recorded 3x growth in 15 months, doubled their performance services network, and hired 300,000 persons.
He told CNBC that the sort of growth recorded by the company comes with its challenges. He cites the conflict in Europe as having an inflationary effect that has ripple effects and the increasing demand for certain products like chips puts a strain on the company.
Amazon recently added a 5% surcharge on third-party sellers to deal with inflationary pressures stemming from the pandemic and the war in Ukraine. Jassy hoped that the new charge will be temporary after absorbing the cost for sellers from 2020 on the belief that things would improve by the start of the year.