NFTs will be able to be sold on eBay. This was the latest news from the company earlier this month, making it the first e-commerce site to tap into the massive - and ever-growing - NFT market. 

What is an NFT?

NFTs, which stands for non-fungible tokens, are virtual assets that exist on a blockchain ledger like Bitcoin or Ethereum and serve as proof of ownership of either digital or physical assets. Artworks, images, music, videos and collectable trading cards are all examples of pieces taking the NFT market by storm.   

Although conceptually already around four years old, NFTs have exploded in popularity in recent months, with several celebrities, including William Shatner (Captain Kirk), Grimes, Kings of Leon, Snoop Dogg and Paris Hilton, pushing them mainstream. 

Kings of Leon to become the first bank to release an album as an NFT

When Analogue and Digital Worlds Converge … 

NFTs offer artists a novel way of selling their work - and for eye-watering prices, encouraging traditional auction houses such as Sotheby’s and Christie’s to embrace the trend. 

In March 2021, Christie’s smashed records by auctioning off a unique digital piece by Mike Winkelmann, also known as Beeple, for a staggering $69 million and also accepted cryptocurrency as part of the payment. 

Beeple sells most expensive NFT ever for $69.3

Sotheby’s was quick to follow, placing an exciting collection from renowned digital artist Pak under the hammer and achieving a total of $17 million across a three-day sale. 

eBay to Embrace NFT Opportunities 

With significant prices being recorded for NFT based assets, it’s unsurprising eBay has positioned itself as a first-mover from an eCommerce perspective. It’s expected that initial offerings will be limited to a small set of categories such as trading cards, images or videos, but the company plans to broaden this in the future. 

“In the coming months, eBay will add new capabilities that bring blockchain-driven collectables to our platform.” - Jordan Sweetnam, Senior Vice President and General Manager for eBay's North America market, had this to say of the move.

 

For more information on NFTs, follow us on Instagram and search for #NFTFiles.

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