eBay Announces the Start of NFT Sales on Its Platform

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On its websites, eBay Inc. has revealed that non-fungible tokens (NFTs) will be sold for digital collectibles such as video clips, videos, arts, pictures, audios, and other types of digital files.

According to Reuters, eBay’s US global e-commerce company will provide sellers who meet eBay’s requirements with an NFT inventory from now on.

“NFTs have reached a tipping point of credibility, trust, and adoption so that mainstream audiences now feel comfortable exchanging new forms of digital collectibles,”

said Jordan Sweetnam, general manager and senior vice president for eBay’s North America market.

The company has put a lot of money into infrastructures for physical collectibles like trading cards and products like watches and shoes to help customers check them. NFTs can be bid on in the same way that actual collectibles are.

Customers can now purchase a digital representation of Elon Musk holding Doge or a physical Dogecoin replica on eBay. Customers can pay in US dollars for all transactions, unlike other big NFT sites, which usually accept Ether payments for NFT.

Several NFTs currently for sale on eBay have been discovered on the WAX blockchain, with sellers instructing buyers to create a WAX wallet to receive their NFTs.

Currently, eBay aims to make sure that non-functional toys (NFTs) are only listed by reputable sellers and in specific categories like art, music, trading cards, and entertainment. After gathering input from the community on the current group of NFTs, the company stated that it expects to extend its tools and policies in the future to allow more categories.

The NFT Market is on Fire!

The news comes after eBay announced last week that it now accepts cryptocurrency as a form of payment and plans to add NFTs to its site. eBay’s new embrace comes after billions of dollars in NFT sales in recent months.

NFT demand continues to increase, and the market for NFTs shows no signs of slowing down. The cumulative market capitalization of major NFT ventures has increased by 1,785 percent year to date in less than three months.

NFT revenues have risen in tandem with the value of NFT-related tokens. In the last three months, major NFT marketplaces such as Opensea and Rarible have seen their sales increase by a factor of 50 to 100.

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