eBay is the world’s first mainstream online marketplace to embrace the selling and buying of Non-fungible tokens (NFTs) on its platform. The eCommerce platform accepted the sales of digital collectibles like video clips, images and music that only exist online. Now, it’s looking to tap into the frenzy that has covered NFTs throughout the year and doesn’t seem to be dying down soon.
NFTs are tokenised virtual assets, which like the cryptocurrencies, exist on the blockchain ledger. These items have become popular in recent times with buyers willing to spend millions on unique artworks and other online collectibles. Some artwork already sold for tens of millions like the Christie’s and Sotheby’s auction house.
Just like people are always willing to pay top dollar for the unique arts in real life, so does the motivation works for the digital world. While the real world might be about aesthetics, the digital world is motivated by the fact that the NFTs will grow in value after some time.
eBay already has an NFT inventory that it provides to sellers who meet its standards. It has also worked on various policies, programs and tools that will allow the selling and buying of NFTs of different categories from the platform. It currently supports the virtual crypto collectibles in categories such as music, entertainment, trading cards and art. It, however, plans to expand these options as NFTs become more widespread.
What does eBay accepting NFTs mean for the blockchain world?
The NFTs exploding in the year caught the blockchain world enthusiasts unawares. Given the easy access to digital art and media, most had not anticipated that anyone would be willing to pay millions for digital items.
Even when the NFTs wind was spreading, there was widespread scepticism about its viability. Most of the users believed it was a mere boom that would burst after some time. However, a few months later, it seems that NFTs are here to stay.
eBay accepting the NFTs as one of the traded items, gives it legitimacy. eBay CEO, Jamie Lannon, believes NFTs offer great access to a wide audience of collectors and creators. He compared the possible influence of the digital collectibles on artists and creators to that of digital publishing exposure to writers.
The listing of the digital collectibles also works for its exposure to a wider audience. Even though growing in popularity, most people never know or trust the places to purchase the NFTs. However, as one of the leading eCommerce sites, most buyers would not hesitate to spend their money. Therefore, by accepting NFTs, eBay has helped push blockchain to mainstream use.
Is this eBay’s route to past glory?
While eBay is one of the pioneer eCommerce sites, it has found stiff competition among other online marketplaces like Amazon and Walmart. By embracing the NFTs, eBay sets itself as a forward-thinking platform hence appealing to the younger audience. It is also likely to embrace cryptocurrencies and digital solutions that will make it an unbeatable online selling platform.