eBay is joining in with the frenzy over NFTs. In an interview with Reuters, the company announced that it is now allowing the sale of NFTs on its platform. eBay is one of the first e-commerce companies to leverage the rise of this new online phenomenon.
NFTs have gained massive popularity in recent months and it is no surprise that eBay is trying to cash in on the trend. However, considering that NFTs are not actual items one might be skeptical about the whole concept and resign it as just a fad.
But sales like the digital-only artwork at Christie’s auction house for an eye-watering $69m, to another $ 6m in sales of musician Grimes digital artwork and an animated Gif of Nyan going for Cat$500,000 might point to something more sustainable. In fact, some are convinced that NFTs might a new and better way for artists to monetize their art.
Whatever you think of NFTs it’s rise has made a convincing case for eBay for them to include NFTs on their platform. What’s more senior vice president and general manager for eBay’s North America market Jordan Sweetnam added that “In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform.”
While eBay may be a large online shopping platform it will have to compete with lots of already established and popular crypto native NFT marketplaces in the market. In fact, the company stated that it plans to start out with a smaller group of trusted sellers. Also, while interest in NFTs has definitely been rising, the infrastructure for buying these collectibles is still not very user friendly.
This might also be an opportunity for eBay to gain foothold in the market by building a more user friendly and open platform for NFTs. For now however it will first have to test out the idea and see if it works.