eBay makes a decision: Users will soon be able to buy and sell NFTs

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys playing cricket,… read more.
on May 12, 2021
Updated: May 20, 2021
  • NFT trend continues to spread throughout the world at a rapid pace, involving individuals and entities.
  • As of yesterday, online shopping website, eBay, announced that it will soon allow NFT buying and selling.
  • US dictionary Merriam-Webster not only defined NFTs, but announced that it is selling.

The Non-Fungible Tokens (NFTs) have been the biggest recent trend of the cryptocurrency industry — one that started blowing up even faster than DeFi did in 2020. In less than 5 months, the trend skyrocketed so strongly that it attracted celebrities, companies, and now, even eBay.

According to the online shopping giant, its users will soon have the ability to buy and sell NFTs on its website. The company seems to have realized that this inclusion of unique tokens that represent various physical and digital goods would allow people to complete their collections with greater ease and benefits when it comes to storage, security, and other details.

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eBay’s announcement, published yesterday, May 11th, said that NFTs offer greater access to a broader audience of collectors and creators. The company compared the trend to how digital publishing brought greater exposure to writers, noting that digital collectibles could do the same for other types of artists and creators.

As a result, it plans to allow trusted sellers to sell NFTs, as long as they meet the company’s high standards. As for what will be offered, it includes anything, from music, ast, trading cards, to any other type of entertainment. This will be the firm’s focus in the coming months, and later down the road, it will add additional categories for other NFTs.

Merriam-Webster sells a definition of NFTs as a NFT

Another noteworthy development regarding NFTs is that they were included in the US dictionary Merriam-Webster. Not only that, but the dictionary also announced that it is now selling the NFT of its definition of NFT. The definition itself called NFTs a ‘Unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership (as of a specific digital asset and specific rights relating to it).’

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