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There will be no option to pay in cryptocurrencies on Amazon

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cryptocurrencies on Amazon

HIGHLIGHTS :

  • Amazon’s e-commerce platform may start selling NFTs
  • Last year eBay said it could accept cryptocurrencies.
  • Amazon has a dispute with Reliance in India

Amazon’s e-commerce platform may start selling NFTs

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. Some NFTs involving artworks have been sold for millions of dollars. In an interview with CNBC, Amazon’s chief executive officer Andy Jassy said that the cryptocurrency business will grow even more in the long term. However, Andy also stated that he does not have any bitcoins.

Last year eBay said it could accept cryptocurrencies.

Many companies have started accepting virtual currencies for payment. Cryptocurrencies were not given much importance till a 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.

There is an ongoing dispute with Reliance over Amazon’s investment in and buying the 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.

Amazon has a dispute with Reliance in India

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.

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.

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