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NFTs Land Great Feat On eBay

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NFTs are everywhere these days. Iconic tweets, digital art, and even memes are being turned into NFTs and sold for everything from a few dollars to millions of dollars each. More and more marketplaces are taking shape to sell NFTs and the sector seems to only just be taking off. 

Now, eBay, the iconic site that is famous for offering practically anything for auction, has announced that NFT sales will soon be available for customers. This makes eBay the first e-commerce site to offer NFTs on their platform and also marks a potential point of greater public awareness of NFTs.

Buying NFTs On eBay

According to the recent reports regarding the matter, only certain categories of NFTs will be available for sale initially. While an NFT can be created for practically anything, only NFTs in sectors like music, trading cards, entertainment, and so on will be made available for sale. Furthermore, only trusted sellers will be allowed to sell NFTs.

Given the issues that the NFT industry has seen, such as art being illegally sold as NFTs without the artists’ consent, having mechanisms to ensure quality control is crucial as eBay explores this new venture. Reports also state that as more information and feedback is gathered from eBay users, more categories will be added.

There will also be the option to buy and sell ‘blockchain-driven collectibles’ on the site, though more information has not yet been given.

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Earlier this month, eBay CEO Jamie Iannone hinted that the company was looking to enable NFT purchases at some point given that eBay is known as a hub for collectibles.

eBay also has millions of users around the globe and having NFTs sold there will give much-needed visibility and credibility to the industry. For users, it also means easier access to NFTs which is greatly needed as the industry emerges.

There has also been speculation on eBay allowing cryptocurrency payments on the platform, which Iannone addressed as well this month.

“We are always looking at the most relevant forms of payment and will continue to assess that going forward. We have no immediate plans, but it (cryptocurrency) is something we are keeping an eye on,” he said in a recent interview. 

With this good news, we can hope to see NFTs make an appearance on eBay’s competitor sites and even more money flowing into the industry.

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