24th June 2022 > > eBay.

tl;dr

eBay is ramping up its involvement in non-fungible tokens (NFTs).

Market Snap (at time of writing)

Market Wrap

What happened to 10-years during my one-day absence? Stocks are liking that move, but cryptos don’t seem that bothered.

Curious Cryptos’ Commentary – eBay

In 2021, eBay announced that it was enabling the selling of non-fungible tokens (NFTs). I am not sure how successful that venture was though I am guessing so-so as the company has bought NFT marketplace KnownOrigin:

https://knownorigin.io/

Details of the acquisition are here:

https://www.prnewswire.com/news-releases/ebay-acquires-leading-nft-marketplace-knownorigin-301573028.html

eBay CEO Jamie Iannone doesn’t agree with my assessment that their current NFT offering was not up to scratch:

“eBay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles.”

Not sure I entirely agree with him – I had completely forgotten that eBay had any NFT offering.

But there is a reason for my forgetfulness which is that eBay does not (yet) accept cryptos for payment, which makes the whole process of buying and selling NFTs solely in fiat a little cumbersome and - dare I say it - inappropriate.

And this is why this news is so exciting as it surely paves the way for eBay as a whole to start accepting cryptos. This would be the largest retail outlet adopter of cryptos to date, bringing a whole new audience into the crypto revolution.

Next stop Amazon?