banner
eBay now allows buying NFTs, will Amazon follow?
eBay now allows buying NFTs, will Amazon follow?
NFT news

eBay now allows buying NFTs, will Amazon follow?

By Amelia Tomasicchio - 12 May 2021

Chevron down

As of yesterday, non-fungible tokens (NFTs) can be bought on an auction basis on the eBay marketplace, as is the case on all more “traditional” crypto art platforms.

“An NFT inventory will be provided to sellers who meet eBay’s standards”.

This was said by Jordan Sweetnam, senior vice president and general manager of eBay’s US marketplace, told Reuters, explaining that there will be special policies and tools for this type of marketplace.

He then explained:

“In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform”.

NFTs on eBay

NFTs are already available on eBay’s platform and can be bought in fiat currency via PayPal and credit card, and without special KYC, just by logging into the marketplace. 

In short, it is a very easy way to sell and especially to buy NFTs, since many platforms have different entry barriers, especially if we consider the case in which artists and collectors are not already experts in the crypto world. In addition, the fact that Ethereum is not used as a payment releases the blockchain from its high gas fees. At the moment, for example, the gas fee is as high as around 300 gwei, which entails spending as much as $100 just to participate in an auction.

This is the first work that appears by going to eBay today and searching for NFT in the search bar:

eBay, Amazon and cryptocurrencies

Just last week, eBay said it was ready to accept payments in cryptocurrencies, which suggests that Amazon could be next, as it seems to be interested in creating its own digital currency.

On eBay, there are also individual users with BTC who offer them for sale, taking advantage of the huge number of users who search on this platform. 

On Amazon, on the other hand, it is possible to make purchases with bitcoin, although not directly, but using gift cards such as those of Bitrefill.

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.