Ebay, one of the biggest internet marketplaces in the world, just announced that they now allow buying and selling NFTs through their website. According to Reuters this move would make Ebay the first ecommerce company to embrace non-fungible tokens.
For now Ebay only allows sellers that meet their standards to officially sell NFTs. This also means that NFTs can only be acquired with fiat. So Ebay isn’t announcing any support for cryptocurrencies yet.
However, in the near future buyers and sellers will get more options, tools and policies for dealing with NFTs. In addition NFTs will open up to be available across more product categories. Perhaps crypto payment options will also become an option.
People were already selling NFTs on Ebay, especially NFTs on the Wax blockchain. These sales would often feature a description that buyers would need to make and provide an WAX wallet, which can easily be made using a social media account or Gmail address.
Last week we reported about Ebay’s interest in the NFT space. That’s how fast a company can go. But frankly, at the moment NFTs aren’t really integrated properly into Ebay just yet. This will happen in the next few months. Now it’s Amazon’s move.
What are NFTs?
NFT is the abbreviation for non-fungible tokens, which are tokens that signify ownership over unique digital assets. These assets can for example be items in a game, crypto art, or digital collectibles. In addition it could also be a ticket for a cinema or perhaps a subscription for public transit. The usability of NFTs doesn’t end with gaming, it only starts there.
A non-fungible token can’t be swapped one-on-one with another non-fungible token. It represents something unique. That’s why non-fungible tokens can be based compared with rare art, an owned house or a signed mint edition of a certain comic book. These products are unique and in the same way a non-fungible token is unique as well. This gives non-fungible tokens also an unique value that only represents that one specific token.
