NFTs enter eBay as platform becomes crypto-friendly

With the world going crazy over NFTs (non-fungible tokens for the unversed) this year, trade platform eBay has decided to jump onto the bandwagon too. The company has announced that it will now allow for the sale of NFTs in exchange for digital collectibles, from images and videos to trading cards.

eBay Jumps onto the NFT Bandwagon, to Start Accepting Crypto

Image Credits: Wikipedia

For now, sellers who meet eBay guidelines for NFT trade will be supplied with special NFT inventories. In coming months, the platform will also be rolling out new tools and features to allow users to easily buy and sell a range of items in exchange for NFTs.

eBay is also looking to start accepting cryptocurrency as a form of payment, while integrating NFTs into its services. This means that soon enough, users might easily be able to trade crypto like Bitcoins or Ether, for items.

NFTs: The Non-Fungible Assets That Have Taken the World by Storm

In case you don’t know what NFTs are, think a new type of virual assets or crypto, wherein each entity or token is completely unique. Hence the name, Non-Fungible, to imply that no two tokens are interchangeable. This makes NFTs, which are supported by a blockchain system, different from other crypto like Bitcoin, where every token is identical to the other.

NFTs are all the rage these days, especially when they are exchanged for digital artwork and other pieces which only have a virtual existence. Auctions have taken place at well known houses like Sotheby’s and Christie’s, where each piece sold for millions. Artists like Beeple have made tons of money selling digital art.

Another avenue where NFTs are in high demand happens to be the trade of videos, images, and trading cards, and eBay seems to have sensed this popularity. Usually bought in exchange for other, mainstream crypto like Bitcoin or Ether, NFT transactions are recorded by blockchain.

One interesting thing is that while NFTs are visible to anyone and everyone for free on digital platforms. However, the bidders and buyers get exclusive bragging rights, and all the fun they bring along with them.