The online sales platform eBay is now permitting the sale of non-fungible tokens (NFTs) for digital collectibles. The company told Reuters that beginning Tuesday an "NFT inventory will be provided to sellers who meet eBay's standards."
Users can bid on NFTs as they would for a physical item. All payments will be made in U.S. dollars — unlike other prominent NFT platforms, which usually accept 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 a week after the e-commerce firm's CEO Jamie Iannone told CNBC that the company was looking at ways to incorporate NFTs on its platform.
It also appears to be part of a larger plan. "In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform," Jordan Sweetnam, senior vice president and general manager for eBay's North America market, told Reuters.
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Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.