You will soon be able to buy and sell NFTs on eBay

You'll be able to buy and sell NFTs on eBay as easily as you can sell your old smartphone.

Published on Jun 28, 2022 at 1:57PM (UTC+4)

Last updated on Jun 28, 2022 at 2:24PM (UTC+4)

Edited by Kate Bain
You will soon be able to buy and sell NFTs on eBay

In the not-too-distant future you’ll be able to buy, sell and trade NFTs on eBay.

That’s right.

The largest auction site in the world is trying to make the impossible possible, by making it easy for everyone to buy Non-Fungible Tokens without losing their mind.

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Everyone is interested in NFTs these days and they take numerous forms.

You’ve got NFTs from global companies, automakers, watch manufacturers, sports clubs, NFTs made from memes, celebrity NFTs.

The list goes on.

The problem is these things are still sort of difficult to understand and manage.

That’s exactly the problem eBay wants to solve by allowing users to buy and sell their NFTs just as easily and quickly as they can sell their used smartphone or pair of sneakers.

In order to do this, eBay bought an existing NFT company outright.

It acquired KnownOrigin, the 12th largest NFT marketplace in the world.

The new feature is still in ‘beta’ phase and that’s why, at the moment, only a few select sellers are allowed to use it, and only if both the buyer and the seller reside in the same country.

Another thing to point out is Ebay’s opted to exclude the ‘auction’ option for now, so you can only sell NFTs at a fixed price.

But eBay being eBay, the process is expected to get easier and easier for users.

In addition to that, eBay is in a unique position to catch two birds with one stone by allowing users who are selling physical goods to integrate the digital NFT in the sale.

For example, car or watch collectors that are selling a rare sportscar or a vintage watch, would be able to include the digital equivalent of the item in the form of an NFT in the sale.

That would be easy to do on eBay and there’s no one other platform in the world that can do that.

At least for now.

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