eBay to Allow Sale of NFTs by 'Trusted Sellers'

eBay said it will begin allowing the sale of NFTs, or digital collectibles on its marketplace - but it appears it will limit which sellers can participate. "In the short term, NFT inventory will be provided by trusted sellers who meet our high standards, across categories like trading cards, music, entertainment and art," according to today's announcement.

NFT stands for non-fungible token - we wrote about the hype and the skepticism surrounding NFTs in the April 10th article, "What Online Sellers Should Know about NFTs and the Digital Asset Craze."

Unfortunately, eBay didn't link to the page with the new policy or provide specific timelines. We did a quick scan and didn't find it - let us know if you do. Sweetnam did say that in the coming months, eBay would add new capabilities that bring blockchain-driven collectibles to its platform.

While the simple listing of NFTs may not be difficult, paying for them may present challenges. As we had written last month, "NFTs are typically - though not always - bought and sold via cryptocurrency." eBay has yet to announce that buyers can pay for items using cryptocurrency through Managed Payments, so it's unclear how impactful today's announcement is. 

The issue of payment along with a lack of details on how to sell NFTs could mean buyers and sellers may have to wait a while yet before trading digital collectibles.

Here's an excerpt of eBay's announcement by Jordan Sweetnam:

eBay Expanding Into NFTs  

eBay has always been the world's destination for buying and selling the most unique and hard-to-find items - and we'll continue to be the destination for collectors of all kinds, physical or digital. This opportunity unlocks new assets for collecting, new ways for people to fuel their passion, and expands eBay's appeal to a new generation of collectors.

Our open platform is a big part of why eBay is so successful, and that won't change. NFTs offer greater access to a broader audience of collectors and creators. In the same way digital publishing brought more exposure for writers, digital collectibles bring greater opportunity for artists and creators. We plan to double down on this idea - combining eBay's global reach with the principle that anyone can find almost anything on our platform. This premise is what makes NFTs on eBay so exciting, and why we want to partner with creators, sellers and brands who share our commitment to maintaining an open marketplace. 

With this in mind, today we are updating eBay's policy to include the sale of NFTs. In the short term, NFT inventory will be provided by trusted sellers who meet our high standards, across categories like trading cards, music, entertainment and art.  

This is only the beginning. This initial rollout will help us learn more about what's important to our community. Expect to see programs, policies and tools that will allow our audiences to buy and sell NFTs with greater ease and confidence, across a broader range of categories.  

In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform. I'm looking forward to bringing on new creators to share their passions in ways we can't even imagine yet. Together we will ensure eBay remains the preeminent marketplace for collectibles of all kinds and serves the next generation of collectors.

You can find the full announcement on the eBay corporate blog.

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