Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

EBay taps into NFT frenzy, allows sale on platform

Stock MarketsMay 11, 2021 12:12PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The eBay logo is pictured on a phone screen in this photo illustration July 23, 2019. REUTERS/Brendan McDermid/Illustration

By Akanksha Rana

(Reuters) - Ebay Inc on Tuesday allowed the sale of non-fungible tokens for digital collectibles like trading cards, images or video clips on its platform, the first e-commerce company to tap into the recent frenzy around NFTs.

NFTs, virtual assets that exist on a blockchain ledger, have exploded in popularity this year, as enthusiasts spend enormous sums of money on artwork and other items that exist only online, with some selling for tens of millions of dollars recently at auction houses Christie's and Sotheby's.

While multi-million dollar deals, including the $69 million sale of a digital artwork by Beeple in March, have created ripples in the art world, a market for digital collectibles such as NFT trading cards, images or video clips have also thrived alongside.

These could range from something like Kurt Cobain's last photoshoot to historic moments from NBA games. While anyone can view the NFTs for free, the buyer has the status of being the official owner - a kind of digital bragging rights.

In the short term, an NFT inventory will be provided to sellers who meet eBay (NASDAQ:EBAY)'s standards, the company told Reuters, adding that users can expect to see programs, policies and tools in future that will let them buy and sell NFTs across a broader range of categories.

"In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform," said Jordan Sweetnam, senior vice president and general manager for eBay's North America market.

The announcement comes after eBay said last week it was open to the possibility of accepting cryptocurrency as a form of payment in the future and was looking at ways to get NFTs on its platform.

NFTs are usually bought with the cryptocurrency ether or in dollars and the blockchain keeps a record of transactions.

EBay taps into NFT frenzy, allows sale on platform
 

Related Articles

Woodside shareholders approve BHP petroleum merger
Woodside shareholders approve BHP petroleum merger By Reuters - May 19, 2022

By Sonali Paul BRISBANE (Reuters) -Shareholders in Woodside (OTC:WOPEY) Petroleum approved on Thursday a merger with BHP Group (NYSE:BHP)'s petroleum arm to create a top 10 global...

Shares slide as global growth fears mount
Shares slide as global growth fears mount By Reuters - May 19, 2022 5

By Stella Qiu and Alun John BEIJING/HONG KONG (Reuters) - Asian stocks slid on Thursday, tracking a steep Wall Street selloff, as investors worried about global inflation, China's...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Hunter Gassaway
Hunter Gassaway May 11, 2021 12:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
How do I get an NFT of an original photo of a 'Pet Rock' next to it's packaging ? That's got to be worth something.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email