Ebay allows the sale of NFTs for digital collectibles on its platform


  • Users can now buy NFTs on Ebay, allowing digital collectibles to be available side by side with physical items.
  • Currently, only sellers that meet the firm’s requirements can list their NFTs.
  • The e-commerce firm is looking to expand its policies and tools in the future to accommodate the growing industry. 

After enduring a weak second-quarter profit forecast in late April, eBay announced that it is now allowing the sale of non-fungible tokens (NFTs) for digital collectibles to be sold on its platform.

Ebay to expand its NFT marketplace

NFTs have been increasingly gaining popularity, as the new form of cryptocurrency enables collectors to confirm ownership of an item. An NFT certifies a digital asset as unique and non-interchangeable, representing collectibles such as photos, video, audio and other types of digital files.

The NFT industry has witnessed multi-million dollar deals, including the well-known sale of a digital art piece by Beeple, which sold for $69 million. The real name of the artist, Mike Winkelmann, admitted that he believes the industry to be in a bubble. 

Musician Grimes also sold some of her digital art for over $6 million. Twitter founder Jack Dorsey showed that not only art can be tokenized and be put on sale, as he sold his first-ever tweet as an NFT, which went for $2.9 million.

The sports industry has also seen its fair share of NFTs, with NBA’s Top Shot NFT marketplace seeing massive success where it allows basketball fans to purchase video highlights from the league’s history. Users can buy the tokens directly from the marketplace or trade and sell with others using the mobile app. Last month, data showed that around 460,000 collectors on the platform have collectively made over 4 million transactions. 

Ebay will permit sellers to list NFTs that meet the company’s standards. The company looks to ensure that NFTs are listed by trusted sellers and are only in specific categories, including trading cards, music, entertainment and art. 

The e-commerce firm added that users would be able to expect programs, policies and tools that would enable them to buy and sell NFTs across different categories in the future. Jordan Sweetnam, senior vice president and general manager for Ebay’s North America market, said:

In the coming months, Ebay will add new capabilities that bring blockchain-driven collectibles to our platform.

All payments for NFTs would be made in US dollars, unlike other NFT platforms, which accept Ether for payments. 

The e-commerce platform also recently stated that it is open to the possibility of accepting cryptocurrency as a form of payment in the future.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

SafeMoon looks to climb 20%

SafeMoon price shows a resurgence of bulls that have kept it from heading lower. Instead, SAFEMOON has ricocheted off the support level and might continue to rise if the buyers persist.

More SafeMoon News

Ethereum price prepares for a bullish weekend, targeting $3,000

Ethereum price seems prime to revisit $3,000. Although ETH faces resistance at $2,300, the upswing seems imminent. A downswing below $2,000 could invalidate the bullish thesis. 

More Ethereum News

VeChain forms potential bottom, eyes 30% upswing

VeChain price retraces to a stable demand level as investors book profits after a minor upswing. VET will face an uphill battle with multiple swing highs to take out. Therefore, investors can expect this rally to be a slow run-up.

More VeChain News

Bitcoin goes through range of emotions, from legal tender to Chinese miners exodus

Bitcoin price rallied wildly on the news of it becoming legal tender in El Salvador, but China’s clampdown on miners was equally palpable. BTC seems to be taking a breather before its uptrend resumes.

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP