In a recent interview with CNBC Amazon CEO Andy Jassy has shared some information on whether crypto payments and NFTs have a place on the platform in the future.
The future of cryptocurency payments on Amazon
Amazon are appearing a little more cautious as to when and how they will add the digital currency as a payment method despite many other platforms already set up in the cryptocurrency world. It wasn’t a no though, in-fact Andy Jassy was excited at the prospect of crypto and spoke about how he believed it would grow into something bigger in the future.
Interestingly, last year it was speculated that Amazon would launch their own cryptocurrency by the end of 2021. Yet, it looks like we won’t even have a cryptocurrency from Amazon by the end of 2022.
It would be fair to expect Amazon to introduce crypto payments at some point but it is also reasonable to expect them to wait until some of the most prominent issues around the digital currency (fraud, environmentally unfriendly, a volatile investment) are rectified.
What about NFTs?
It should be noted that the controversy surrounding NFTs has not vanished, and is similar to that surrounding cryptocurrency. As mentioned before, there is a negative environmental impact, a gateway to fraudulent activity and NFTs could also be considered a volatile investment.
Platforms jumping onto the NFT bandwagon has created something of a chain reaction, but Amazon not introducing them yet and not giving any clues on when they can be expected, makes me believe they are holding out and not jumping into something that could pose a risk to their marketplace sellers and buyers. However, Andy Jassy seems keen on the idea of NFTs and in his interview did mention seeing a future with them on the platform.
These insights, as well as past news, including the likelihood that Amazon have a Digital Currency and Blockchain Product Lead within their team show that the time for both crypto payments and NFTs on the platform will surely come.