EBay Launches Non-Fungible Token (NFT) Trading

Online marketplace eBay has announced that, under certain conditions, users will be able to trade non-fungible tokens for digital collectibles in the future. These can be digitally created works of art, trading cards, or videos, for example. 

Digital assets with a blockchain background are very popular and are driving up prices for non-physical artwork, for example. Recently, digital artist Beeple has been able to sell a picture, which consists of 5,000 individual images. Thus, his artwork ‘Everydays: The First 5000 Days’ was auctioned for $69 million. This is a record value for a purely digitally available work of art.

eBay Has Been Thinking About Accepting Crypto for a Long Time

In an interview last week, eBay CEO Jamie Iannone spoke in detail about cryptocurrencies. Accordingly, the company is exploring the possibilities of how they can use crypto on the platform. For example, Iannone could imagine introducing cryptocurrencies such as Bitcoin or Ethereum as a means of payment. Scott Cutler, Senior Vice President of eBay America, expressed these considerations three years ago. Therefore, the recent announcement of the NFT introduction on the platform comes as no surprise.

The availability of new NFT functions won’t be long in coming, as eBay’s Senior Vice President Jordan Sweetnam announced: ‘In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform’. However, users will have to meet certain requirements in order to be able to participate in trading in NFT collectibles. 

NFT Hype Is in Its Full Swing

Today, NFTs are in high demand. Thus, more and more large platforms and companies are becoming interested in the topic. At the beginning of the year, the hype caused enormous price growth for NFT coins such as THETA. At its peak, the cryptocurrency was able to reach an all-time high of over $14 dollars. 

The announcement by eBay should fuel the hype even further and increase prices. With around 187 million active buyers on the platform, the online marketplace introduces a large number of people to non-fungible tokens.

Thanks to the latest developments, non-fungible tokens could establish themselves relatively quickly in online trading. The company is strengthening its capacity in the crypto market. With the integration of cryptocurrencies as a means of payment, the already great interest in Bitcoin is only likely to increase further. It remains to be seen whether eBay will become the next big institution to invest in crypto assets.

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