American multinational E-commerce giant eBay has upscaled its policy to facilitate the sales of non-fungible tokens, on Tuesday 11th, while speaking with reuters.com revealed how the company was to allow the sale of non-fungible tokens.
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These are digital collectibles like trading cards, images or video clips on its platform, making them the first e-commerce company to tap into the recent attraction around NFTs.
NFTs are virtual assets that exist on a blockchain ledger, in recent times they have exploded in popularity, as art enthusiasts spend enormous sums of money trying to acquire these artworks and other items available online pegged in form of NFTs, ranging from a tweet to a clip of an award winning video.
The intriguing part of NFTs is with some selling out for millions of dollars, unlike fungible cryptocurrencies like Bitcoin and Ethereum, NFTs are based on the idea of scarcity, like regular arts but this time, its digital representing breeds a unique notion.
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.
The consumer-to-consumer company declared that in the short term, an NFT inventory will be provided to sellers who meet eBay’s standards, 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 adopting cryptocurrency as a form of payment in the future and was looking at ways to get NFTs on its platform.