eBay is now allowing NFTs to be sold on its platform, making the digital collectibles available side by side with physical ones. Whether you’re looking for a physical Dogecoin replica or a digital representation of Elon Musk holding Doge, eBay is apparently now the place to get both.
At the moment, eBay wants to make sure that NFTs are listed by trusted sellers, and only in certain categories like trading cards, music, entertainment, and art. The company does say, though, that it hopes to expand its policies and tools in the future to allow more categories after it’s gathered feedback from the community with the current crop of NFTs.
What’s an NFT?
NFTs allow you to buy and sell ownership of unique digital items and keep track of who owns them using the blockchain. NFT stands for “non-fungible token,” and it can technically contain anything digital, including drawings, animated GIFs, songs, or items in video games. An NFT can either be one of a kind, like a real-life painting, or one copy of many, like trading cards, but the blockchain keeps track of who has ownership of the file.
NFTs have been making headlines lately, some selling for millions of dollars, with high-profile memes like Nyan Cat and the “deal with it” sunglasses being put up for auction. There’s also a lot of discussion about the massive electricity use and environmental impacts of NFTs. If you (understandably) still have questions, you can read through our NFT FAQ.
The blog post also mentions future updates to allow “blockchain-driven collectables,” though it doesn’t expand on what that means outside of NFTs.
eBay’s CEO said earlier this month that the company would be open to accepting cryptocurrencies in the future, but at the moment the NFTs being sold on the platform seem to be using its standard payment system linked to a credit card or PayPal account.