EBay taps into NFT frenzy, allows sale on platform

EBay beats quarterly revenue estimates
EBay beats quarterly revenue estimates   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<p><body> <p>By Akanksha Rana</p> <p>(Reuters) – Ebay Inc on Tuesday allowed the sale of non-fungible tokens for digital collectibles like trading cards, images or video clips on its platform, the first e-commerce company to tap into the recent frenzy around <span class="caps">NFT</span>s.</p> <p><span class="caps">NFT</span>s, virtual assets that exist on a blockchain ledger, have exploded in popularity this year, as enthusiasts spend enormous sums of money on artwork and other items that exist only online, with some selling for tens of millions of dollars recently at auction houses Christie’s and Sotheby’s.</p> <p>While 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 digital collectibles such as <span class="caps">NFT</span> trading cards, images or video clips have also thrived alongside.</p> <p>These could range from something like Kurt Cobain’s last photoshoot to historic moments from <span class="caps">NBA</span> games. While anyone can view the <span class="caps">NFT</span>s for free, the buyer has the status of being the official owner – a kind of digital bragging rights.</p> <p>In the short term, an <span class="caps">NFT</span> 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 in future that will let them buy and sell <span class="caps">NFT</span>s across a broader range of categories.</p> <p>“In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform,” said Jordan Sweetnam, senior vice president and general manager for eBay’s North America market.</p> <p>The announcement comes after eBay said last week it was open to the possibility of accepting cryptocurrency as a form of payment in the future and was looking at ways to get <span class="caps">NFT</span>s on its platform.</p> <p><span class="caps">NFT</span>s are usually bought with the cryptocurrency ether or in dollars and the blockchain keeps a record of transactions. </p> <p/> <p> (Reporting by Akanksha Rana; Editing by Saumyadeb Chakrabarty)</p> </body></p>