EBay taps into NFT frenzy, allows sale on platform

Ebay Inc on Tuesday allowed the sale of non-fungible tokens for digital collectibles like trading cards, images or video clips on its platform, the first ecommerce company to tap into the recent frenzy around NFTs.

NFTs, virtual assets that exist on a blockchain ledger, have exploded in popularity this year, as enthusiasts spend enormous sums of money on artwork and other items that exist only online, with some selling for tens of millions of dollars recently at auction houses Christie’s and Sotheby’s.

While multi-million dollar deals, including the $69 million sale of a digital artwork by Beeple in March, have created ripples in the art world, a market for digital collectibles such as NFT trading cards, images or video clips have also thrived alongside.