eBay to Allow NFT Sales on its Platform

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  • The giant e-commerce store eBay allows trusted sellers who meet specific standards to sell NFTs on its platform.
  • eBay is the first among the major e-commerce industries to support NFT sales.
  • Previously, NFTs were solely tradable at the NFT marketplaces where the only payment method is cryptocurrencies.

The giant multinational virtual marketplace eBay now allows approved sellers to sell non-fungible tokens (NFTs) on its platform. The company also plans to bring “blockchain-driven collectibles” to its platform within the next couple of months.

Jordan Sweetnam, Senior Vice President and General Manager at eBay, announced in a blog post that due to the huge popularity of virtual tokens, a category that was once looked at as a field of passionate enthusiasts but has evolved to be a serious business, the company will support the sale of NFTs. He said:

Today we are updating eBay’s policy to include the sale of NFTs. In the short term, NFT inventory will be provided by trusted sellers who meet our high standards, across categories like trading cards, music, entertainment and art.

Sweetnam declares that technology is the driving force behind this new move, stating that the latest tech advancements are transforming the collector’s experience. “A few months ago, most people wouldn’t have known off hand what NFT stood for (‘non-fungible token’) or why the acronym was suddenly making headlines,” he said.

Indeed, NFTs were making bold headlines in the last couple of months. First, there was the news about a digital artwork by Beeple that sold for $69 million. Now, new NFTs are coming from prominent faces every day, ranging from popular rapper Eminem to the former CIA employee Edward Snowden.

eBay is the First Major E-commerce Name to Adopt NFTs

eBay is now officially the first among its peers – Amazon, Etsy, Newegg, Alibaba – to allow NFT sale. “Our open platform is a big part of why eBay is so successful, and that won’t change,” Sweetnam said.

Besides, eBay is planning to bring “blockchain-driven collectibles” to its platform in the coming months, a move that will considerably expand the pool of NFT sellers.

Bullish for Non-fungible Tokens

With eBay being one of the world’s major e-commerce industries, it is a big move for the whole NFT community. Prior to this, NFTs were solely tradable at the NFT marketplaces where the payment method is crypto tokens. But with eBay’s global reach and acceptance of more traditional payment methods, NFTs will gain another level of accessibility.