As eBay waits to open up to cryptocurrencies, eBay is entering the world of blockchain by incorporating the sale of NFT into its platform. Non-fungible tokens, which serve as certificates of authenticity for digital works, are revolutionizing the art market and the sale of digital goods on the internet.
A week ago eBay CEO Jamie Iannone confirmed in an interview with CNBC, “To investigate ways to facilitate NFT access to eBay. All collectibles have been on eBay for decades and will continue to be. […] The integration was not long in coming and the introduction of NFTs on the e-commerce platform will continue the democratization of a potentially colossal market.
NFTs for sale on eBay
In a blog post, the company explained the conditions for the arrival of non-fungible tokens. Without too much surprise, we learn that there won’t be many authorized sellers. First of all, only “trusted sellers” have the right to offer these products for sale.
“This emerging field has reached a turning point in terms of credibility, trust and acceptance, so the general public will now feel comfortable exchanging new forms of digital collectibles,” states the article provided by trusted sellers who meet our high standards fulfill. “
They are primarily trading card sellers, music, entertainment, and arts companies. In order to be accredited as a seller by NFT, eBay checked the authenticity of the products being marketed, as otherwise the trust currently based on NFTs would not be possible.
While you wait for cryptocurrencies
By then, the integration of cryptocurrencies on eBay is not yet complete. Last week, however, Jamie Iannone addressed this as well as NFTs: “We are always looking for the most suitable payment methods and will continue to develop in this direction in the future.”
Until then, customers will still need to use a credit card or PayPal account to make their purchases. In 2020, the platform’s revenue grew 19% globally compared to 2019. In the first quarter of 2021, the increase was more sustainable at 42%. Sales exceeded $ 27 billion. What is the weight of the company’s decisions for cryptography to predict?