NFT sales will now be allowed on eBay from approved sellers, according to MarketWatch. EBay also aims to increase its number of sellers in the near future.
NFT, a.k.a. non-fungible token, has become more popular this year, primarily as a result of the fact Christie’s sold a digital collage by artist Mike Winkelmann, known as Beeple, for around $69 million, according to Markets Insider.
They were also popularized as result of Top Shot, a new digital asset from the NBA, which has done more than $230 million in transactions since last October. NFTs have also become popular recently as a result of being touted by celebrities and famous entrepreneurs including Mark Cuban.
“In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform,” Senior Vice President of eBay Jordan Sweetnam said in a blog post.
NFTs are not exchangeable similar to dollars or other currencies. Each NFT is unique and cannot be duplicated. NFTs are also generally purchased with ether, which is the token native to the Ethereum blockchain, or in dollars. The blockchain contains a record of all the transactions.
EBay’s CEO Jamie Iannone said last week the platform was researching cryptocurrencies as a possible method of payment for users on the site. Sellers on eBay who meet the necessary requirements as outlined by the platform will be given NFT inventory.
EBay users will be able to see programs and policies that will enable them to purchase and sell NFTs in various categories. Blockchain also backs Bitcoin and other cryptocurrencies.
