For more than 25 years, eBay has been linking enthusiastic sellers with avid collectors through the Internet, assisting many people in turning their hobbies into a living. As we see an alternate asset class rise, it should come as no surprise that eBay is hopping on board early.
eBay has been the first e-commerce platform to enable the selling of non-fungible tokens, or NFTs. NFTs, the newest crypto craze, use blockchain technologies to authenticate digital goods such as photos or images as originals and to check ownership.
Any form of collecting is about the convergence of passion, interest, and opportunity. We’ve seen this play out in the physical world and now we’re seeing a transition to digital. This emerging area has reached a tipping point of credibility, trust and adoption so that mainstream audiences now feel comfortable exchanging new forms of digital collectibles.
NFTs have exploded in popularity in recent months. In March, someone paid a staggering $69 million for a digital picture from artist Mike Winkelmann. Grimes has also made a small fortune selling digital art, but not everyone is earning life-changing money. One of the most memorable viral videos from the 2000s, “David After Dentist,” only managed to bring in 3.30 Ethereum, or a little over $14,000 based on current exchange rates.
eBay has updated its policy to include the sale of NFTs. At first, inventory will be provided by trusted sellers with a reputation of meeting eBay’s “high standards.” Content will be available across categories like music, trading cards, entertainment and art, we’re told. A quick search reveals several listings already in place.
Over time, eBay plans to add further capabilities to bring more blockchain-driven collectibles to its platform.
Image credit mundissima