Ebay now allows the sale of NFTs on it’s platform!
Many people are confused about how NFT’s work or why they generally hold value. An NFT holds value the same way a unique piece of physical art holds value.
The tokens are “non-fungible” because they are unique and no two are the same. Contrast this to most traditional crypto assets where each unit of the asset is exactly the same as any other unit of the same asset.
For those who are unclear on how the art market works, I have included a little economics video below so you can get up to speed.
Players in this market hope that it will become the digital equivalent of what the physical art market does today for investors.
Take a look:
📰 eBay, One of the largest online marketplaces, now allows the sale of NFTs. #NFT #CryptoNews https://t.co/Ip5b9DPbkt
— CoinHippo (@coinhippoHQ) May 11, 2021
eBay has announced it’ll soon allow people to sell nonfungible tokens, or NFTs, on its website. NFTs will unlock new ways for eBay customers to complete their collections, the company said Tuesday.
“NFTs offer greater access to a broader audience of collectors and creators,” eBay said. “In the same way digital publishing brought more exposure for writers, digital collectibles bring greater opportunity for artists and creators.”
eBay will allow “trusted sellers who meet our high standards” to sell NFTs across music, art, trading cards and entertainment in the coming months, and will later add the ability for others to sell NFTs in more categories.
Ebay now allows sale of NFTs on its marketplace. Non-fungible tokens for digital collectibles like trading cards, images or video clips are now available on e-commerce platform.https://t.co/aLHAvLFmFB pic.twitter.com/T2uHSomUCU
— ICO Analytics (@ICO_Analytics) May 11, 2021
🤯Two Coinbase employees exchanged NFT rings with their wedding vows.
🚀EBay taps into NFT frenzy, allows sale on platform.
🕹Decentraland Founder Unveils Project of Bringing NFTs to ‘Big-Time’ Video Games.#NFT #NFTs #nftart #watch #rolex #blockchain #luxury #crypto pic.twitter.com/cq8JKhxT4S
— ChronoBase (@chronobaseeu) May 15, 2021
Reuters came through with more on the story:
NFTs, virtual assets that exist on a blockchain ledger, have exploded in popularity this year, as enthusiasts spend enormous sums of money on artwork and other items that exist only online, with some selling for tens of millions of dollars recently at auction houses Christie’s and Sotheby’s.
While multi-million dollar deals, including the $69 million sale of a digital artwork by Beeple in March, have created ripples in the art world, a market for digital collectibles such as NFT trading cards, images or video clips have also thrived alongside.
These could range from something like Kurt Cobain’s last photoshoot to historic moments from NBA games. While anyone can view the NFTs for free, the buyer has the status of being the official owner – a kind of digital bragging rights.
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