Amazon, one of the world’s top e-commerce companies, has no plans to add cryptocurrency as a payment option for its retail business. However, Amazon’s e-commerce platform may start selling non-fungible tokens (NFTs). The company says that the business of NFT can grow rapidly.
NFT is a type of digital asset that is on the blockchain. Its popularity increased a lot in the last year. something related to artworks NFT Sold for millions of dollars. given to CNBC Interview Andy Jassy, chief executive officer of Amazon, said in the past that the cryptocurrency business will grow even more in the long term. However, Andy also stated that he does not have any bitcoins.
Many companies have started accepting virtual currencies for payment. Cryptocurrencies were not given much importance till few years back but now it is emerging as an asset class. Last year eBay began selling NFTs on its platform for digital collectibles such as cards, images or video clips. Additionally, eBay said it was exploring the possibility of accepting cryptocurrencies as a payment option.
Amazon is in dispute with Reliance over the investment and purchase of Future Group in India. The matter related to this has also reached the court. Now there can be a competition between these companies over the telecast rights of the Indian Premier League (IPL). Star India had given Rs 16,348 crore for the digital and TV rights of IPL till 2022. It was broadcast on Star Sports channels and Disney+ Hotstar. The viewership of this tournament reached 350 million viewers in the last season. Amazon and Reliance are also competitors in the fast growing e-commerce market with their digital platforms. Amazon has Prime Video and Reliance is trying to increase its share in the entertainment segment with its JioTV. Apart from this, Reliance is also in talks to raise about $ 1.6 billion from investors for its broadcasting joint venture.