eBay embraces NFTs

eBay is joining the NFT frenzy, telling Reuters today that going forward it will allow the sales of NFTs on its platform, a mainstream embrace that follows billions of dollars in NFT purchases over the past few months. The e-commerce company seems poised to slowly build up sales of digital collectibles on the platform, starting with a smaller group of verified sellers on the platform.

“In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform,” eBay exec Jordan Sweetnam told them.

eBay has invested heavily in infrastructure for physical collectibles like trading cards, as well as items like sneakers and watches which they help verify for buyers.

eBay is a major presence in online shopping, but the platform will have its work cut out for it competing with dozens of crypto native NFT marketplaces already out there. While NFT interest has been high as of late, the infrastructure for buying collectibles with cryptocurrencies still isn’t the most user-friendly. Earlier this week, executives at eBay said they were open to accepting cryptocurrencies in the future.

This news comes as the Ethereum cryptocurrency, which is the primary method of purchase for most NFTs, reaches past all-time-highs, currently trading over $4,100.