It was a day when tech stocks rose slightly, and tech stocks dominated. Nasdaq Tech giant’s share price up nearly 1 percentage point at 12:25 p.m. ET Amazon (AMZN 3.09%) It’s doing better than most companies, up a solid 3%. They seem to do so for a very “technical” reason: non-fungible tokens (NFTs).
An Amazon NFT initiative is coming soon, crypto news source Blockworks said in a report late yesterday afternoon. Offer your customers the opportunity to play games and potentially win free NFTs as prizes.
Amazon has not commented on Blockworks’ report, but it seems like a logical move for the company. Ever since Amazon, which started out as a bookstore, invented his Kindle e-reader in 2007 to sell digital books, it’s clear the company has appreciated the benefits of selling virtual goods. We spend very little money to provide those products. His Amazon Prime Video division and Amazon Games division of the company operate on the same logic, contributing to the huge profit generation of Amazon Web Services (AWS).
With all this infrastructure in place already, it seems to me that leveraging AWS to create and sell NFTs should be a fairly low-cost, low-risk project for the tech giant. Of course, it remains to be seen whether NFT sales will also be a factor. high reward jobs.
Blockworks, citing a source, predicts that Amazon could make a “big leap in the NFT market,” which could be true. Still, consider that today’s surge in Amazon’s stock has already added over $30 billion to its market cap.
Despite the splash, Amazon should sell terrible Many NFTs to justify the increased cost of equity.
John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Rich Smith has no positions in any of the stocks mentioned. The Motley Fool has a position on and recommends Amazon.com. The Motley Fool’s U.S. headquarters has a disclosure policy.