As Amazon began shipping its long-awaited Fire Phone on Friday, with prices ranging from $0 to $479, and Mashable Senior Editor-At-Large Lance Ulanoff took a first look at the new smartphone.

"These are unique features you don't find on other phones," he said Friday on CNBC's "Fast Money."

Ulanoff demonstrated one of the most hyped features of the Fire Phone, Firefly technology.

Amazon claims Firefly can identify over 100 million items including music, movies and books.

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Once the item is identified, you are immediately redirected to a list of locations where the item can be purchased; Amazon.com always popping up first.

"This has always been the deal with Amazon," Ulanoff said. "They got products in people's hands – at cost – so they will be stuff through Amazon, whether it's videos, books, food."

Amazon stock closed at $324.01 per share, down 9.65 percent.

—By CNBC's Leanne Miller