American Express turns NFTs into a credit card perk

American Express turns NFTs into a credit card perk

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American Express turns NFTs into a credit card perk

American Express is dipping a toe into the world of digitally traded art with its newest perk for credit card customers.

The company is offering its cardholders a chance to purchase 14 unique digital images from a recent performance by the R&B singer SZA. Known as non-fungible tokens, those images will be stored on the Ethereum blockchain and can be traded and resold over time like other collectibles, such as baseball cards or physical art.

In launching the offering, Amex is anticipating that NFTs will become more mainstream and develop into a desirable perk for prospective customers. The collection with SZA, a five-time Grammy nominee, is part of a broader strategy to explore ways to use the Amex rewards platform to offer a wider variety of digital assets as perks, said Luke Gebb, the company’s head of digital labs.

American Express is expecting that consumers’ interest in the one-of-a-kind digital collectibles known as non-fungible tokens will be more than a passing fad.

Bloomberg

Amex will participate in future NFT offerings, according to Gebb, who noted that there are currently around 750,000 unique users on Ethereum, the blockchain that currently hosts the majority of NFTs.