Is eBay joining the NFT and cryptocurrency craze?

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on May 4, 2021
Updated: May 20, 2021
  • eBay will be joining several other mainstream giants that started accepting cryptos as a means of payment.
  • The company is also looking to enter the NFT market and is considering ways to make it possible.
  • eBay says crypto acceptance may not happen now, but there is a strong consideration in the future.

eBay could be the next big tech company to start accepting cryptocurrency payments after a host of other companies decided to allow their customers to pay with crypto this year.

The company says it is open to accepting cryptocurrency payments in the future. eBay also admitted that it will be getting non-fungible tokens (NFTs) on its platform very soon.

Crypto mainstream presence expands

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A few years ago, major financial institutions were shunning the crypto asset class, but that has changed. Cryptocurrencies are gradually winning the hearts of top players in the mainstream and many will see Ebay’s entry into the industry as a major step towards wider adoption.

After PayPal started allowing crypto transactions late last year Tesla announced its acceptance of the asset class for payments for its car models.

Jamie Iannone, chief executive officer of eBay, stated that the company may not be rolling out crypto the new feature now, but it’s something they are looking at in the future.

“We have no immediate plans, but it is something we are keeping an eye on,” he stated. Iannone added that collectibles have always been attractive to eBay, and it is planning to explore the NFT version.

The growing interest in NFTs

eBay seemed to have disappointed some investors when it released the second-quarter profit forecast last week. However, it assured them that the quarter has been filled with expansion and investment plans.

The company also said it is considering entering the NFT market and is looking for ways to make it possible.

NFTs have grown in popularity over the past few months, with some of the artworks sold for millions of dollars. Musicians and celebrities have embraced the NFT space.

It has also attracted top players both within the crypto industry and the mainstream sector.

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