Large corporations are becoming more interested in the NFT sector
When it comes to alternative investment possibilities, non-fungible tokens (also known as NFTs) are one of the most peculiar. An NFT is a digital asset. When you invest in NFT, you could be acquiring a digital piece of art, the rights to a tweet or logo, or even a character for play-to-earn gaming.
While it may seem unusual to invest in a digital asset, NFTs are now on a crazy trajectory that appears to be traveling “to the moon.” According to CNBC, in August, an investor paid $1.3 million for a digital photograph of a rock. Furthermore, major corporations are getting into the game, with Taco Bell, Pizza Hut, Pringles, and many others releasing their own NFTs.
Recently, Andy Jassy, the newly appointed Amazon CEO, has revealed some of his thoughts about Bitcoin and the NFT marketplace during an interview with CNBC.
Amazon will not incorporate cryptocurrencies as a payment mechanism for its retail company in the foreseeable future, according to Jassy, but he is optimistic about the future of crypto, particularly NFTs. He believes that crypto will grow in popularity over time and NFTs will continue to proliferate at a rapid pace.
“I don’t have bitcoin myself,” the Amazon boss said when asked if he owned any cryptocurrency.
Commenting on whether Amazon would sell NFTs one day, Jassy replied that he thinks it’s doable down the line on the platform.
The e-commerce behemoth has started appointing crypto expertise to several departments. AWS advertised a position for a principal digital asset specialist in November of last year, intending to help push adoption across the worldwide digital asset ecosystem.
In June of last year, Amazon advertised a position for a digital currency and blockchain expert on its Payment Acceptance & Customer Experience team, intending to develop the company’s digital currency and blockchain strategy as well as a product roadmap.
Starbucks CEO Howard Schultz announced recently that the coffeehouse giant would enter the NFT sector by the end of 2022. He feels that Starbucks is in a unique position to flourish in the NFT industry.
He noted at the town hall meeting that when he looks at the companies, brands, celebrities, and influencers seeking to build a digital NFT platform and business, he can’t find one that has the rich trove of assets that Starbucks has — from collectibles to the company’s entire history.
Starbucks has already begun experimenting with blockchain technology. The company is a participant in the Bakkt digital asset wallet and rewards initiative, which launched last year and allows users of its iOS app to top up a Starbucks card with Bakkt-stored bitcoin, rewards points, or other Bakkt assets.
Additionally, Starbucks and Microsoft announced a blockchain coffee traceability partnership in 2019, allowing customers to track their coffee from bean to cup.
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