eBay now has a renowned NFT market

eBay now has a renowned NFT market

With the announcement today that it has acquired NFT marketplace KnownOrigin, eBay made its boldest foray yet into the world of digital collectibles. The online auction website did not disclose the deal’s worth in the news statement, but it did state that it was completed as of June 21.

eBay now has a renowned NFT market

eBay started allowing NFT sales on its site last year. With the KnownOrigin acquisition, eBay has the opportunity to control a proper digital marketplace where NFT transactions can be both monitored and controlled — not just offered with the fingers-crossed hope the seller transfers an NFT to the buyer’s wallet correctly.

With $7.8 million in total trading volume for Ethereum-backed NFTs, KnownOrigin, which calls itself “one the world’s first, and largest, NFT Marketplaces,” is presently ranked No. 12 overall. OpenSea, the top-ranked marketplace, has an all-time trading value of $30.43 billion. Decentraland, the eighth-ranked marketplace, has an all-time trading value of $155.66 million.

Currently, approved sellers on eBay can list NFTs in the same format as a physical item, and many listings today share the details of the NFT mint number and what digital wallet the buyer will need to receive the transfer post-sale. eBay’s current NFT sales method also comes with some caveats, such as a $10,000 maximum, a buy it now model (no bidding or best offers), and a requirement that the buyer and seller be in the same country. NFTs also can’t be sold alongside a physical item.

That last caveat of not being able to attach a physical item to an NFT sale is most intriguing, as, earlier this month, eBay opened a new real-world vault to protect physical collectibles, with the option of allowing instant digital sales of the items without ever shipping them out. eBay declined to comment on whether there will be any integration between physical collectibles in the vault and NFTs in the future.

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