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What Caused Amazon’s Stock Price To Spike This Morning?

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What Caused Amazon's Stock Price To Spike This Morning?

(CTN News) – It may not be enough to justify today’s spike in share price even if Amazon does enter the NFT business in the future.

How did it happen?

In spite of the fact that tech stocks were having a modestly up day, with the tech-heavy Nasdaq up nearly a full percentage point as of 12:25 p.m. ET, Amazon (AMZN 3.44%) was doing a lot better than most of its peers — rising by a solid 3% as of 12:25 p.m. ET.

There seems to be a very technical reason why they would do so: non-fungible tokens (NFTs) are a type of token that cannot be fungible.

How does that work?

According to Blockworks, a crypto news source, an Amazon NFT initiative may be coming soon, as outlined in a report published late yesterday afternoon.

The e-commerce giant is expected to start selling digital collectibles as early as April, and to offer its customers the option to play crypto games, which will allow them to win free NFTs as prizes, through its website.

Blockworks’ report has not been commented upon by Amazon, but this seems logical. It is clear that, which started as a bookseller, understood the advantages of selling virtual goods from the moment it invented the Kindle e-reader to sell digital books in 2007.

Each sale generates revenue, while very little money is spent on delivering the goods. AWS, as well as the company’s Amazon Prime Video and Games divisions, are based on the same logic.

They have been instrumental in building the profit behemoth that is Amazon Web Services.

What should I do next?

Since all of this infrastructure is already in place, I believe that leveraging AWS for creating and selling NFTs should be a relatively low-cost and low-risk undertaking for the tech giant. As for whether selling NFTs will also be a high-reward endeavor, that remains to be seen.

Blockworks speculates that might become a major player in the NFT market, as quoted by one source. Even so, share price gain today has already increased its market capitalization by more than $30 billion.

Even with splashes, Amazon will have to sell a lot of NFTs to justify the price increase.

Is it worth investing $1,000 right now in

If you’re considering, you’ll want to hear this before you make a final decision.

It has just been revealed by the Motley Fool Stock Advisor analyst team which are the 10 highest-rated stocks to buy now… and is not among the top 10 stocks to buy.


The US Consumer Spends Less; Inflation Cools

Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

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