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eBay open to crypto payments and NFTs — what you need to know

Bitcoins
(Image credit: Shutterstock)

Cryptocurrency and NFTs are hot trends right now, and internet giant eBay may be getting in on the action in the near future.

Speaking to Reuters, eBay confirmed that it was open to the idea of accepting cryptocurrency payments in the future, and is exploring the concept of NFTs. Though there are no announcements to be made right now.

Cryptocurrencies are nothing new, but more and more companies have started accepting them in recent times. Tesla made a big show when it started to let customers buy and sell its cars using Bitcoin, while former eBay partner PayPal launched its own crypto wallet last year.

eBay may not be making any announcements, but the retailer told Reuters that it was “always looking at the most relevant forms of payment, and will continue to assess that going forward”. With the growing popularity of Bitcoin and other digital currencies, it would be surprising if eBay weren’t seriously considering integrating them into its payment options.

It would also be a big step forward for the legitimacy of crypto transactions. After all, eBay is a big company that’s been around almost as long as the internet. It’s not an Amazon or a Walmart, but it’s still a very big deal.

As for NFTs, which are the new blockchain fad, eBay has confirmed it’s looking into adding sales of non-fungible tokens to its site. For those that don’t know, NFTs are a way to “own” a piece of digital content, and lots of companies have been trying to jump on the bandwagon and get involved in recent weeks.

Clearly, eBay is able to see an opportunity here, and may well try and position itself as ‘the place’ to buy and sell NFTs at some point. Whatever your thoughts on NFTs, it’s obvious people are willing to spend large amounts of money on them. 

Who knows, maybe next time you purchase a picture of a PS5 for $600, it’ll end up being an NFT rather than an elaborate scam.