Is eBay Joining the NFT and Cryptocurrency Craze?

eBay could be the next big tech company to start accepting crypto payments after 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 receiving non-fungible tokens (NFTs) on its platform very soon.

The presence of cryptocurrencies is expanding

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A few years ago, major financial institutions were avoiding 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 an important step towards wider adoption.

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

Jamie Iannone, CEO of eBay, stated that the company may not be implementing the new crypto feature now, but it is something they are considering in the future.

“We do not have immediate plans, but it is something we are attentive to,” he said. Iannone added that collectibles have always been attractive to eBay, and he plans to explore the NFT version.

The growing interest in NFTs

eBay appeared to have disappointed some investors when it released its second-quarter earnings forecast last week. However, he assured them that the quarter has been full of expansion and investment plans.

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

NFTs have gained popularity in recent months, with some of the artwork selling 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.