eBay Allows Sale Of NFTs On Its Platform, First E-Commerce Company To Do So

eBay, one of the largest e commerce companies in the world, has announced on Tuesday that it is now allowing the sale of non-fungible tokens, also known as NFTs for digital collectibles such as trading cards, images or video clips.

“In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform,” eBay exec Jordan Sweetnam told Reuters.

The news follows shortly after Ethereum, which is the main cryptocurrency used for the purchases of most NFTs, reaches an all time high, currently trading at over $4,100.

Ethereum Price as of 12th May

Earlier this month too, eBay’s CEO shared that they are looking into the option of accepting cryptocurrencies as a payment settlement on eBay.

NFTs is a type of digital asset that exists on a blockchain, and had exploded in popularity this year. These NFTs are used to verify ownership of digital assets. Notably in March, a piece of NFT representing ownership of an Beeple artpiece, was sold for $69 million, raising eyebrows all over the world.

Beeple NFT sold for $69 million

“Everything that’s collectible has been on eBay for decades and will continue to be for the next few decades,” eBay Chief Executive Officer Jamie Iannone told CNBC earlier this month when asked about NFTs.