nft: EBay operates the NFT frenzy, enables platform selling

Ebay on Tuesday cleared the sale of non-fungible tokens for digital collectibles such as trading cards, pictures or video clips on its platform, the first e-commerce company to exploit the recent frenzy around NFTs.

NFTs, virtual assets that exist on a blockchain ledger, have exploded in popularity this year, as enthusiasts spend huge sums of money on works of art and other items that only exist online, some recently selling for tens of millions of dollars at Christie’s and Sotheby’s auction houses.

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As multi-million dollar deals, including the $ 69 million sale of a digital artwork by Beeple in March, have created ripples in the art world, a market for objects from Digital collection such as NFT collectible cards, pictures or video clips has also flourished.

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These could range from something like Kurt Cobain’s last photoshoot to historic moments in NBA games. While anyone can view the NFTs for free, the buyer has the status of the official owner – a sort of digital bragging rights.

In the near term, an NFT inventory will be provided to sellers who meet eBay’s standards, the company told Reuters, adding that users can expect to see programs, policies and tools that are available to them in the future. will allow buying and selling of NFTs in a wider range of categories.

“In the coming months, eBay will be adding new features that will bring blockchain-based collectibles to our platform,” said Jordan Sweetnam, senior vice president and general manager of eBay’s North American market.

The announcement comes after eBay said last week that it was open to the possibility of accepting cryptocurrency as a payment method in the future and was looking for ways to get NFTs on its platform. .

NFTs are usually bought with cryptocurrency ether or dollars and the blockchain keeps a record of the transactions.

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