Ebay Officially Adds Support for NFT Sales

Days after a report that Ebay was looking into supporting NFTs on the platform, there’s now an official statement from the company to Reuters. That said, the messaging coming out of the company is mixed. Reuters said that support for NFTs was added today whereas an SVP at the company stated “in the coming months”.

Regardless of the logistics, eBay’s entire business was built on top of collectibles. In fact, the company may just be the largest distributor of collectibles in the world. While this could completely upend the landscape of the NFT market, this is not yet a free for all. Instead, the new functionality will be granted to those sellers “who meet Ebay’s standards”.

What those standards are is not exactly clear.

What is clear is that the company recognizes the benefits of associating themselves with anything pertaining to “blockchain technology” as it’s likely to boost the share price. Not only is it notable for the world of NFTs though as having a major e-commerce provider accept any cryptocurrency for payment is quite significant.

We are still in the early innings however. Data from Dune Analytics shows that there has been a cumulative total of just over 100,000 people who have made a purchase on OpenSea. Contrast that with 187 million buyers on eBay and it becomes clear the impact this could have.