A week ago, eBay announced that payments with cryptocurrencies were under consideration. Now, the operator of one of the largest online marketplaces has decided to enable the buying and selling of non-fungible tokens (NFTs). Will the technology make the leap into the mainstream?
The U.S. company eBay recently enabled the sale of non-fungible tokens (NFTs) for digital collectibles such as trading cards, images or video clips on its platform. It is the first e-commerce company to jump on the recent hype surrounding unique blockchain tokens.
"Everything collectible has been on eBay for decades and will be for decades to come. In the coming months, eBay will add new features that bring blockchain-based collectibles (NFTs) to our platform." - Jordan Sweetnam, Senior Vice President eBay North America
In the short term, NFT inventories will only be made available to sellers who meet certain eBay standards, the company told Reuters. Ebay added that in the future, users can expect programs, policies and tools that will allow them to buy and sell NFTs in a broader range of categories.
Adoption of NFTs and cryptocurrencies
Non-fungible tokens (NFTs) are unique virtual assets on a blockchain. Their popularity has soared, especially in 2021. This is partly because some enthusiasts spent huge sums of money on digital artworks and other items. Recently, NFTs have sold for tens of millions of dollars at the traditional auction houses Christie's and Sotheby's.
In addition, a growing number of companies have begun accepting virtual currencies as payment. Thus, an asset class that was shunned by large financial institutions just a few years ago is being brought one step closer to the mainstream.
"We are always looking for the most relevant forms of payment and will continue to do so in the future. We have no immediate plans, but cryptocurrencies are something we are keeping an eye on." - eBay in an interview with Reuters
Tesla Inc. already accepts Bitcoin (BTC) as a means of payment for its electric cars. Meanwhile, payments giant PayPal began allowing customers to buy, sell and hold cryptocurrencies through its online wallets last year.
