NFTs on eBay: Internet giant enters the crypto industry
NFTs come on eBay. The internet giant enters the crypto industry through a partnership. As is so often the case, the unique tokens are the entry point.
NFTs on eBay: Marketplace partners with Notable Live
The marketplace and Internet giant eBay will soon become the NFT marketplace. This emerges from a statement made by the company to Blockworks . Accordingly, one enters into a partnership with Notable Live to provide the new content .
Notable Live is about delivering digital experiences. Apparently, this also includes non-fungible tokens. In concrete terms, the aim is to inspire sports fans in particular with an offer of NFTs.
Our partnership is focused on delivering transformative solutions that give fans real access. These solutions build on authentic offerings that connect memorabilia and experiences directly to the source itself.
Explained Mike Antonucci, Managing Director of Notable Live. The experiences and products offered should therefore come from the sports teams themselves, instead of just from third parties. So far, however, it is unclear on which blockchain the partnership between eBay and Notable is based.
What is clear, however, is that eBay will not be a classic NFT marketplace. The platform continues to stick to ordinary payment methods such as card payments. Cryptocurrencies are not used.
In addition, no transaction is processed via a blockchain when purchasing . Instead, a buyer receives a Redeem link that they can use to associate the purchased content with their own blockchain address.
eBay invested in Notable Live itself through its eBay Ventures subsidiary. Details on this are unknown. Under a multi-year deal, Notable has agreed to bring limited edition NFTs to eBay.
Ebay sticks to NFTs
Institutional adoption usually takes a long time. It can be observed that established companies are increasingly finding their way to NFTs. Just recently, Porsche released its own NFT collection, which consists of the legendary 911 model .
Porsche thus joins a long list of well-known brands that are discovering NFTs for themselves. Ebay also released their own NFT collection in May . This development is particularly noteworthy, as the craze for unique tokens has long since subsided.
Today, the NFT market is only a shadow of itself. However, a slight upward trend can be observed. Since hitting a low in November 2022, monthly trading volume soon doubled again by January 2023.
Cryptocurrencies remain banned on eBay
Over time, a wide variety of crypto offers have been established on eBay. The sale of digital currencies has been banned since 2015. It was not until the beginning of 2014 that the offers were actually allowed.
Users circumvented the restrictions by creating offers to rent bitcoin miners for a set period of time. The buyer then received a predetermined amount of crypto. eBay has since removed these offers from its marketplace.