EBay cautiously opens door to crypto, NFT transactions

E-commerce marketplace eBay, in various media interviews this week, suggested it may accept crypto as a payment method in the future. It’s also considering incorporating NFT (non-fungible token) transactions into the platform.

Why should we care?
EBay’s comments mark a new opening to crypto after the company pulled out of a consortium of corporate partners that supported Facebook’s Libra cryptocurrency project nearly two years ago. The rush of adoption of crypto as a payment method, and the burgeoning market for NFTs may be bolstering the case for deeper incorporation of these tools on the eBay platform. The company has been supportive of on-platform bitcoin sales, but previously shied away from use of cryptocurrencies as payment methods. While NFT owners can offer their digital collectibles on the platform, NFT transactions take place outside of it. In a statement, the company did not offer specifics of a crypto payment rollout, saying it was “keeping an eye” on the evolution of the space. On NFTs, the company said “we are excited about the underlying capabilities and how blockchain-driven collectibles bring trust and authenticity, key components of a marketplace, to the digital space.” NFTs have exploded in popularity this year, with digital artwork netting purchase prices in the tens of millions. As a marketplace for collectibles, an enabling environment for NFT sales makes sense, given that NFTs are intended to verify the authenticity of original work through blockchain technology. “Everything that's collectible has been on eBay for decades and will continue to be for the next few decades,” according to eBay.