eBay NFT's

Cryptocurrencies have had a huge rally in 2021 with Ethereum hitting a new all-time high just a few days ago at the time of publishing. More and more companies are getting involved in Cryptocurrency, with Tesla now accepting Bitcoin as a payment method for a car. Even PayPal introduced their new Checkout with Crypto functionality.

In a statement that eBay made to Reuters they said:

“We are always looking at the most relevant forms of payment and will continue to assess that going forward. We have no immediate plans, but it (cryptocurrency) is something we are keeping an eye on,”

eBay Spokesperson

The eBay NFT Opportunity

Over the past 12 months, the world has also seen an uptake in trading cards, with eBay leading the way for many sellers and buyers.

Also over the last 12 months there has been a meteoric rise in NFT’s (Non Fungible Tokens). Cryptpunks gained online notoriety and business experts like Gary Vaynerchuk have predicted them to be a huge thing in the future.

For many the notion of NFT’s don’t make a lot of sense, but at it’s core they are a digital asset that you can own, which is stored on block chain technology.

Whilst eBay is one of the largest global marketplaces for non-NFT trading cards, the NFT market is certainly on their radar.

In an interview with CNBC eBay CEO Jamie Iannone did drop a hint about the new exciting opportunity.

“We’re looking at it and exploring opportunities for how we can enable it on eBay in an easy way. If you think about collectibles, everything that’s collectible has been on eBay for decades and will continue to be for the next few decades,”

Jamie Iannone, CEO, eBay

With eBay knowing that they have a huge audience already in the collectible market, NFT adoption feels like a comfortable move for them. Combined with the fact that it is an area that they could enter much easier and naturally than Amazon.

Time will tell as to how this develops for eBay, but with them acknowledging the market and the future it is a positive sign for the company and shareholders.

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