eBay is an e-commerce giant based in California, USA. The platform was launched in 1995 when the internet was in its initial stages. The company has become a behemoth with an annual revenue stream of $10.27 billion. In a recent interview with CNBC, Jamie Iannone told reporters that the electronic merchant service is exploring options that could enable NFT listing.
The huge market space inspires the transition on eBay that has been dedicated to NFT sales by customers through physical components. Iannone also remarked that the company wishes to make the sale and purchase of NFTs hassle-free and more incentivized for its users. The NFT, also known as crypto-collectibles, would be an ideal addition to the platform on account of the huge market demand for trading cards on eBay.
Would eBay Accept Cryptocurrencies as Payment for the NFTs?
The most successful and well-known NFT market places use digital asset payment models. It is a common practice as most of the NFTs are hosted on blockchain ecosystems like Ethereum. However, eBay CEO Jamie Iannone responded to this query by explaining that the platform is not looking to immediately integrate any electronic payment gateways. Nevertheless, such a transition cannot be ruled out for the future.
Iannone also shed light on the addition of NFTs under the collectibles section that has shown tremendous market potential over the years. With the addition of NFTs on eBay, the enterprise has managed to raise a billion dollars (Gross Merchandise value) GMV gains during the first quarter of the season. Such a momentous return has also encouraged the decision to list NFTs.
Cryptocurrencies have started to Seep into E-Commerce Industry
A few months ago, the rumors about Amazon investing in digital assets spread in the crypto community like wildfire. It is not clear whether Amazon would move to incorporate the prevailing currencies from the crypto markets or introduce a new blockchain system. Recently, Tobias Lutke, CEO of Canadian e-commerce giant Shopify, started to take a keen interest in ERC 120 tokens. The platform is expected to announce Ethereum DeFi integration publicly in the ongoing year.
Meanwhile, another American-based e-commerce platform focused on electronic appliances, Newegg, has already added Dogecoin as a means for payments to purchase products and services. While digital payment giants like PayPal, VISA, and Mastercard have already introduced digital asset payment gateways into their services, it has become easier for merchants to accept payments in digital currencies.