Customers can now buy non-fungible tokens (NFTs) on eBay, the ecommerce platform has announced.
This ends long-running speculation regarding if—and when—the online retail giant would introduce cryptocurrency trading.
The confirmation makes eBay one of the first large ecommerce sites to embrace NFTs.
What next for eBay and NFTs?
As reported by Reuters, eBay will kick off proceedings with a small pool of trusted sellers. This will act as a test run, enabling the retailer to iron out any teething problems.
Keen to break into the digital collectibles market, eBay also plans to introduce ‘blockchain-driven collectibles’ on its site over the next few months.
However, buyers will not be able to pay for their NFTs using crypto coins, unlike other online marketplaces that currently take Ethereum payments.
All payments will initially be processed in US dollars, linked to conventional PayPal accounts or credit cards.
How will NFT trading work on eBay?
EBay aims to provide a token inventory to sellers who meet the platform’s eligibility criteria. NFTs can then be auctioned, just as customers currently bid for other items on eBay.
However, eBay is starting its NFT journey with a toe in the water. Customers will initially only be able to buy NFTs in trading cards, music (video clips), art (digital images) and entertainment.
Once these trades become firmly established, eBay intends to widen its scope to include more categories of NFT. It will develop its offerings based on feedback from eBay users.
Buyers will also need a wallet on the WAX blockchain to complete their NFT transactions. Once purchased, the NFT will be deposited in their WAX wallet, as reported by The Block.