eBay to Allow the Sale of NFTs on its Platform

September 07, 2021, 10:15 AM AEST - 11 months ago

E-commerce giant eBay has dipped its toe into the burgeoning non-fungible token (NFT) market. In a blog post, the company said it’s updating its policy to include sales of NFTs ranging from digital collectibles such as trading cards, video clips to images and art. 

eBay is reportedly the first e-commerce company to allow such a service. As per the announcement, the initial rollout of the NFT service only involves a selected number of trusted sellers who were able to meet eBay’s standards across categories like trading cards, music, entertainment and art. This is more like a pilot launch aimed at enabling eBay to understand what’s important to their community.

In coming months, eBay will launch new functionalities to allow blockchain-driven collectibles. This will enable its audience to buy and sell NFT content directly on the platform.

Expect to see programs, policies, and tools that will allow our audiences to buy and sell NFTs with greater ease and confidence, across a broader range of categories.

Jordan Sweetnam, eBay senior vice-president

NFTs are Gaining Broad Support 

As Crypto News Australia reported, eBay began considering supporting crypto and NFTs early in May. The NFT frenzy is only getting stronger as other big-name corporations such as Facebook join the fray. Recently, the head of Facebook financial services, David Marcus, disclosed the social media giant is considering enabling support for NFTs on the Novi digital wallet. 

Fractionalised NFTs are also breaking out in the market. This follows the recent listing of the official Dogecoin meme NFT as fractionalised tokens, raising the initial US$5.5 million cost price to over US$300 million. Some market participants say this will be the next big trend in the NFT sphere.

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