eBay customers are now able to buy non-fungible tokens (NFTs) following an announcement from the e-commerce giant.
eBay is now allowing users to buy NFTs on its website. This comes just a week after reports that the firm was considering a crypto payment option while exploring the best way to introduce NFTs. eBay’s chief executive revealed in an interview with CNBC last week that the company was looking to incorporate the digital tokens.
eBay, already a hub for physical collectibles, is now going forward with its plan. The company told Reuters that the option to buy NFTs would be available to customers. eBay is among the first major e-commerce platforms to offer NFTs.
The announcement stated that the company would start with a smaller group of trusted sellers before expanding to involve more. eBay’s decision to allow the sale of NFTs on its site appears to be a part of its efforts to foray into the digital collectibles market. The announcement revealed that the company is also working to introduce ‘blockchain-driven collectibles’ on the site over the next few months.
Payments for the tokens will only be processed in US dollars – a significant difference from other marketplaces that use Ethereum payments. With the absence of a crypto payment option, interested buyers will tap on the traditional payment system linked to a PayPal account or a credit card.
eBay is attempting to capitalise on the recent interest in NFTs by providing an inventory of these tokens to sellers that meet its eligibility criteria. Customers will then be able to bid on NFTs just as they would for other items on the platform.
However, not all categories of NFTS will be up for sale on the platform. NFTs in trading cards, entertainment, music and art will be offered to customers for the time being. It is reported that more NFT sectors will be featured on top of the current selection based on feedback from eBay users.
The majority of the NFTs available for sale on the platform,as reported by The Block, are on the WAX blockchain. Buyers will therefore have to create a WAX wallet to complete the transactions and receive the tokens.