eBay to allow NFT purchases on its platform

By: Miguel A. Rodriguez

12:41, 12 May 2021

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As the NFT started to gain traction in the past months, more companies are trying to facilitate transactions with digital tokens

Through a blog post, Senior Vice President of eBay Jordan Sweetnam announced that the company would add new capabilities that bring blockchain-driven collectables to its platform. However, the sale of non-fungible tokens (NFTs) will be possible only from approved eBay sellers. The announcement came after the company stated that it is open to the possibility of accepting cryptocurrencies as a form of payment in the future.

Before the announcement, purchases on eBay were limited only to physical products or services.

What are NFTs?

The NFTs are verifiable digital assets vouchsafed by blockchain technology, making people spend hundreds of millions of dollars, including for purchasing tokens such as NBA Top Shot and digital art. Moreover, the Golden State Warriors became the first major professional sports team to sell such tokens. The NFTs will be officially licensed digital memorabilia.

Sources: marketwatch.com, reuters.com

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