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: EBay to allow NFT sales on its platform

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EBay
EBAY,
-1.64%

users can now buy digital tokens on the e-commerce giant’s platform.

Senior Vice President of eBay Jordan Sweetnam announced in a blog post Tuesday the company will now permit sales of non-fungible tokens, or NFTs, from approved eBay sellers, with plans to expand the pool of sellers in the future.

“In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform,” Sweetnam said. 

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Prior to today, selling on eBay was limited to physical items, with some exceptions.

All listings on eBay must offer either a physical item or a service for sale,” according to the site’s policy.

An NFT is a verifiable digital asset vouchsafed by blockchain technology. NFTs are not exchangeable like currencies, as each is unique and can’t be replicated.

NFTs use blockchain, the technology ledger backing cryptocurrencies like bitcoin
BTCUSD,
+2.75%

 and ethereum
ETHUSD,
+5.13%
,
 which are databases of linked information to record ownership or transactions of a product.

See also: Golden State Warriors become first pro sports team to release its own NFTs

NFTs have exploded in popularity of late, spearheaded by the support of celebrity business figures such as Mark Cuban and Gary Vaynerchuk.

In the past few months, people have spent hundreds of millions of dollars in totality on these digital assets, such as the “Disaster Girl” meme, NBA Top Shot and digital art like one from the artist known as Beeple, which sold for $70 million.

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