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Ebay Will Begin NFT (Non-Fungible Token) Auctions! Say What?

Posted By Craig Whitley     May 12, 2021     399 views     1 like     0 comments
A bit late to the party, but eBay is finally waking up to the enormous potential of non-fungible token (NFT) auctions and will begin accepting NFT sellers.  But, the big catch will be, no purchases using Ethereum or any other cryptos for the time being.  Say what???

The world's largest online auction platform, eBay, is now permitting the sale of non-fungible tokens (NFTs) for digital collectibles.  Several hours ago, eBay told Reuters and other news services that beginning Tuesday an "NFT inventory will be provided to sellers who meet eBay's standards."  I'm not sure  what those standards are, but I expect that to come to light every soon.

eBay users can bid on NFTs as they would for any physical item. All payments will be made in U.S. dollars — unlike other prominent NFT platforms, which usually accept Ethereum's ether (ETH) for NFT payments.

Many of the NFTs currently available for sale on eBay appear to be on the WAX blockchain, with sellers stipulating that buyers create a WAX wallet in order to receive their NFT. 

The move to allow NFT sales comes only one week after the eBay's CEO Jamie Iannone told CNBC that it (eBay) was looking for ways to incorporate NFTs on its platform.  I hope that eBay is not rushing to market this new service too quickly, without it being fully tested.

It's apparent IMHO that this new venture into NFT's is part of a larger plan.  Jordan Sweetnam, senior vice president and general manager for eBay's North America market, told Reuters, "In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform." 

I'm certain that given eBay's size, userbase and popularity, they will become a huge force in the NFT and digital collectibles world.  We promise to follow their sucess along the way and report to you new developments as they occur.


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