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.
Earlier this month, Pinata, the NFT media company known across the industry as a prominent leader in NFT storage and management, announced the release of their newest product feature dubbed ‘Submarining.’
The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana.
We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come.
While many considered highly-priced NFTs such as Bored Apes Yacht Club (BAYC) could be sound investments with decent returns, the lack of a proper pricing mechanism for NFTs could hamper the long-term development of the space. The absence of reference pricing may be a barrier to entry for investors.