Tag: ebay

eBay Officially Launches NFT Sales on Its Platform

eBay Inc. has announced that it will allow the sales of non-fungible tokens (NFTs) for digital collectibles such as video clips, images, arts, photos, audios, and other types of digital files on its platforms.

The US multinational e-commerce corporation told Reuters that from now going forward, an “NFT inventory will be provided to sellers who meet eBay’s standards.”

“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 invested heavily in infrastructures for physical collectibles such as trading cards as well as items such as watches and sneakers that help verify for buyers. Customers can bid on NFTs the same way they do for physical collectibles.

Whether customers are looking for a digital representation of Elon Musk holding Doge or a physical Dogecoin replica, eBay is now the marketplace to get these products. Customers will make all payments in US dollars, unlike other major NFT platforms that normally accept Ether payments for NFT.

Several NFTs that are currently available for sales on eBay appear on the WAX blockchain, and sellers stating that buyers need to create a WAX wallet in order to get their NFTs.

Currently eBay wants to ensure that NFTs are listed by trusted sellers and only in certain categories such as art, music, trading cards, and entertainment. The firm said that it plans to expand its tools and policies in future to allow more categories after they collected feedback from the community regarding the current group of NFTs.

NFT Market Rages

The development comes after eBay stated last week that it accepted cryptocurrency as a payment method and was also planning to get NFTs on its platform. The latest embrace by eBay follows billions of dollars in NFT purchases over the previous few months.

The demand for NFTs continues to rise and the NFT market shows no signs of slowing down.  Year-to-date, within less than three months, the combined market capitalization of major NFT projects has risen by 1,785%.

NFT sales have skyrocketed alongside the valuation of NFT-related tokens. Major NFT marketplaces such as Opensea and Rarible have witnessed their sales increase by somewhere between 50-fold to 100-fold in the past three months.  

eBay Considers to Accept Crypto Payments for Entice Millennials

In its bid to become the primary marketplace for all things digital, e-commerce marketplace eBay is likely on its way to accepting digital currency payments on its platform.

As reported by TheStreet who interviewed the company’s Chief Executive Officer, Jamie Iannone, the plan has neither been confirmed nor refuted by the trading marketplace, however, there is a confirmation that some revelations will be made on March 10, the day the company dedicates for its investors.

Iannone is keen on making eBay the go-to marketplace for everything, bordering on both physical and digital objects. While the physical objects are already featuring prominently on the platform, the CEO noted that a number of digital assets, especially Non-Fungible Tokens (NFTs) are already being traded on the eCommerce marketplace.

“So even without announcing anything or doing anything, people started trading NFT on a platform,” Iannone continued. “It reminded me of many years ago when people just started selling cars when we didn’t even have a vehicle business at that point. So we’re seeing the same type of thing [with NFT].”

In a bid to better serve the customers that are more likely to utilize this relatively unpopular technology to conduct transactions, eBay believes exploring as many alternative sources of payment processing is now imperative more than ever.

Digital currencies are becoming increasingly popular by the day. While they are well-suited as a means of payment, worldwide, regulatory restrictions have often made these assets operate almost entirely in the shadows, thus hampering their bid to journey unto mainstream adoption. This, coupled with their high volatility has made e-commerce platforms avoid accepting payments in cryptocurrencies.

A limited number of mainstream supermarkets or e-commerce outfits are already changing their minds about crypto payments. Konzum, one of the biggest supermarket chains in Croatia, is one of the welcoming outfits that accepts Bitcoin payments, and should eBay pull through with the assumption of adding crypto payments, it will join the list of pioneering marketplaces to do so.

eBay Joins the NFT Space, Offering Traders a Seamless Experience

E-commerce giant eBay has entered the non-fungible token (NFT) sector through a strategic partnership with Web3 company OneOf.

eBay’s exclusive NFTs will include animated and 3D interpretations of iconic athletes highlighted on Sports Illustrated covers in the past years. 

To offer high-value items and heightened passion to the eBay community of buyers and sellers, NFTs emerged as an ideal stepping stone, according to Dan Block, the VP of Collectibles, Electronics, and Home at eBay.

Block added:

“NFTs and blockchain technology are revolutionizing the collectibles space, and are increasingly viewed as an investment opportunity for enthusiasts. Through our partnership with OneOf, eBay is now making coveted NFTs more accessible to a new generation of collectors everywhere.”

With 142 million buyers worldwide, eBay is the second-largest e-commerce player after Amazon and seeks to render more economic opportunities through cutting-edge technologies like NFTs.

Lin Dai, OneOf’s CEO, pointed out:

“You don’t have to be a crypto expert to buy, sell, and collect NFTs. OneOf and eBay are bringing transformative Web3 technology to the next 100M non-crypto-native mass consumers.”

The NFT collection will comprise 13 limited editions, classified as green, gold, platinum, and diamond. 

Wayne Gretzky, a Sportsman of the Year, noted:

“Forty years ago, I was grateful to be on the cover of Sports Illustrated, it was a monumental moment in my life. I’m honored to bring this collectible experience to my hockey fans who have followed my career for decades.”

E-commerce players continue entering the crypto space based on the opportunities rendered. A recent study by Checkout.com highlighted that nearly 70% of merchants view crypto payments as game-changers needed to revolutionize business models. 

eBay Announces Acquisition NFT Marketplace KnownOrigin

eBay Inc. (Nasdaq: EBAY) continues to deepen its footprint in digital collectables. The e-commerce giant announced on Wednesday that it has acquired the U.K-based non-fungible token (NFT) marketplace KnownOrigin. The terms of the acquisition were undisclosed.

The latest acquisition is important for eBay’s tech-led reimagination as part of the company’s effort to develop a top destination platform for digital artwork collectables as well as sales.

Jamie Iannone, CEO of eBay, talked about the development: “we will remain a leading site as our community is increasingly adding digital collectables. KnownOrigin has built up an impressive, passionate and loyal group of artists and collectors making them a perfect addition to our community of sellers and buyers.”

Since established in 2018 in Manchester, UK, KnownOrigin has remained a marketplace that allows collectors and artists to create, purchase, and resell NFTs via blockchain-support transactions. Since its establishment, KnownOrigin has witnessed huge growth and trade volumes as it has revolutionized the way users create, buy, and sell NFTs.

eBay’s tech-led reimagination has resulted in massive upgrades to the firm’s technology, performance and customer experience, including tools making it easier to discover, buy and sell anything.

As a part of such reinvention, last month, eBay started allowing the buying and selling of NFTs with the launch of its first collection of NFTs in partnership with web3 platform OneOf. The firm said the surge in the collectables market led to its first-ever collaboration in the NFT landscape.

Rising Demands of NFT

Crypto has shown its potential to the world about its real efficiency and shaping the economy of the digital era. Likewise, NFTs, a niche of cryptocurrency, has created another way of reaching the top, building what crypto took years to develop in decades.

NFTs have created a way for the artists and many other professionals to showcase and mint their works as NFTs. It is a great diversion in the crypto era where users began working on mining their NFTs.

The NFT market has introduced businesses, investors, users, and ordinary people to exploit great opportunities. More celebrities, including musicians, sportspersons, movie stars, and others have turned their interests in this digital token to create their own NFT collections and sell them.

The NFT craze has remained as strong in 2022 as it was last year. Lots of big mainstream businesses are setting up NFT shops in hopes of discovering a new revenue model.

Everyone from GameStop, Visa, The NFL (National Football League), Softbank, Coinbase, Rackuten, WWE (World Wrestling Entertainment), Tech Mahindra, Spotify, Associated Press, USFL, Animoca Brands, and other have their own NFT marketplaces in some stage of planning, while some have launched recently.

Exit mobile version