Ebay Looks to Cryptocurrencies and NFTs to Attract Gen-Z

Reading Time: 2 minutes
  • Ebay could be on the verge of announcing crypto payments the platform
  • The auction house already allows the sale of NFTs
  • An investor meeting on March 10 could see the announcement

Ebay could turn to cryptocurrencies as a way of attracting a new generation to its platform, according to CEO Jamie Iannone. Iannone told finance website TheStreet.com that crypto payment methods were under consideration as the marketplace wants to entice a new generation of buyers, while also noting that NFT sales were natively finding their way to the platform after the company said that it was possible without making a big announcement.

Ebay Edging Towards Crypto Acceptance

Along with Amazon, Ebay is one of the retail giants that has been linked with cryptocurrency payments for years and which crypto supporters would love to see. A supposedly leaked advert in 2019 suggested that Ebay was finally getting on board, but this never came to pass – at least not then.

In May last year, Iannone fanned the flames again by telling CNBC that the company was “keeping an eye on” cryptocurrencies as a payment method, while acknowledging that NFTs were digital collectibles that fitted well within Ebay’s remit.

March 10 Could be D-Day

Iannone told TheStreet that Gen-Z is a priority target for his platform, noting that these are the consumers of tomorrow who have a different approach to the manifestations of money. The CEO added that while the platform wasn’t accepting cryptocurrencies right now, things could change – rapidly:

On March 10, we’re going to go deeper on all of these things, payments, advertising, our focus categories.

March 10 is Ebay’s day dedicated to investors, with announcements expected to whet their collective appetites. Ahead of this event, Iannone said that Ebay had completed a payment management transition which “gives us the ability to open up new forms of payment.”

We’re going to make a call that on March 10, Ebay will announce the acceptance of bitcoin over the Lightning Network, perhaps through Strike, and perhaps 2-3 other cryptocurrencies. Who knows, maybe even noob favorite DOGE will be on the list…