Ebay has started allowing the sale of NFTs (non-fungible tokens) on its platform, becoming the first ecommerce platform to do so.
NFTs are “one-of-a-kind” virtual assets that are able to be purchased however remain on a blockchain ledger, these could include things like paintings, music and videos.
The virtual tokens essentially represent ownership for digital and physical assets and while NFTs are available to be viewed by anyone for free. Whoever has purchased it can claim its digital ownership.
A biproduct of the increasingly popular crypto space, the NFT craze has caught fire recently and is being touted as the digital answer to collectibles.
Ebay has said it will provide an NFT inventory to sellers on its platform who meet the company’s standards.
Users will be able to see a range of tools and programs that will enable them to buy and sell NFT’s across a large category.
“In the coming months, Ebay will add new capabilities that bring blockchain-driven collectibles to our platform,” Ebay’s senior vice president Jordan Sweetnam told Reuters.
This announcement comes after the company recently said it was looking for ways to allow Ebay users to pay with cryptocurrencies.
However, many are sceptical of the trend, with former Christie’s auctioneer Charles Allsopp stating the notion of buying an NFT made “no sense”.
“The idea of buying something which isn’t there is just strange, I think people who invest in it are slight mugs, but I hope they don’t lose their money,” he told the BBC.