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Ebay to allow NFT sales on platform

Ebay to allow NFT sales on platform
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Virtual marketplace company eBay announced Tuesday that nonfungible tokens (NFTs) would be allowed to be sold on the platform.

Reuters reported that eBay Senior Vice President Jordan Sweetnam confirmed the move, adding that the company would expand the site to accommodate NFT sales in the coming months.

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

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NFTs are digital tokens that exist on blockchain, which certifies the tokens as unique and owned by a specific person or entity. Sales of the tokens have exploded in recent months, with enthusiasts selling everything from original versions of memes to New York Times columns.

Tuesday's announcement makes eBay the first already established digital marketplace platform to allow the sale of NFTs.

Other marketplaces have sprung up in recent months specifically dealing in NFTs, which could see their market shares reduced by the decisions of larger platforms such as eBay to allow the sales.

Billionaire Mark CubanMark CubanOn The Money: Consumer prices jumped 5 percent annually in May | GOP senators say bipartisan group has infrastructure deal Mark Cuban: ProPublica 'not being honest' about taxes on wealthy Mark Cuban on Trump social media bans: It's 'the right thing to do' MORE opened a website earlier this year that allows users to display their personal NFTs as a sort of digital art gallery.