eBay enables NFT sales on its platform

On May 3, eBay’s CEO Jamie Iannone talked about his company’s intention to expand into other categories, particularly crypto payments and NFT sales. A week after BTC PEERS covered the story, the e-commerce giant has now updated its policy to enable the sales of non-fungible tokens (NFTs).

According to a report by Reuters on Tuesday, eBay customers will now be able to buy and sell NFTs for digital collectibles like images, trading cards, and video clips. The move positions eBay as the first company to e-commerce platform to jump on the recent NFT frenzy.

As per the report, the initial functionality will be available to a handful of trusted sellers in a few categories. In the long term, customers should expect to see tools, programs, and policies that will allow them to trades NFTs in more categories.

Meanwhile, Jordan Sweetnam, PayPal’s former owner and the current senior vice president and general manager for eBay's North America market said that eBay will “add new capabilities that bring blockchain-driven collectibles to our platform” in the coming months.

To many, the NFT mania is the latest cash cow in the crypto space. It has attracted several traditional companies, including the New York Times, which made over $570,000 from selling one of its columns as an NFT in March.