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eBay To Allow NFT Sales on Its Platform

  • Senior VP of eBay announced that they will allow the sale of non-fungible tokens.
  • eBay users can instantly purchase digital tokens on the e-commerce giant’s platform.
  • NFTs have exploded in popularity of late, spearheaded by celebrity business figures.

Jordan Sweetman, Senior Vice President of eBay, announced that the company will now allow the sale of non-fungible tokens (NFTs).

Sweetman said:

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

However, this is only from approved eBay sellers with plans to expand the pool of sellers in the future.

Moreover, the announcement comes after eBay’s statement last week about cryptocurrency. The company said that It was open to the chance of accepting crypto as a form of payment in the future. Also, it was looking at ways to get NFTs on its platform.

To clarify, NFTs can be purchased with cryptocurrency or in dollars, and their blockchain keeps a record of transactions.

In short, eBay users will be able to instantly purchase digital tokens on the e-commerce giant’s platform. At present, selling on eBay is restricted to physical items, with exceptions. But, according to the site policy, all listings on eBay must offer both a physical item or service for sale.

NFTs have exploded in popularity of late, lead mainly by celebrity business figures such as Mark Cuban and Gary Vaynerchuk. In the past months, people have spent hundreds of millions of dollars in totality on these digital assets. This includes the NBA Top Shot, the “Disaster Girl” meme, and digital art like one from the artist known as Beeple, which sold for $70 million.