eBay, the massively popular online auction site, might be moving into the cryptocurrency space. The auction site recently revealed plans that it is considering plans to allow cryptocurrency payments. As for non-fungible tokens (NFTs), eBay is now allowing them to be sold.
The auction site is reportedly evaluating adding Bitcoin and other cryptocurrencies as a new form of payment to provide users more options when using its platform. eBay’s CEO, Jamie Lannone, mentioned that the e-commerce company is open to the idea of accepting Bitcoin and other cryptocurrencies as a means of payment during an interview with CNBC.
eBay is considering accepting bitcoin and other cryptocurrencies for payments.
— Pomp 🌪 (@APompliano) May 3, 2021
Will Crypto Get the Okay?
On crypto adoption, Jamie Lannone said, “One of the great things about our managed payments is we’re expanding the types of payments that we take. So we now take Apple Pay and Google Pay. More choice for buyers. We’ll continue to look at other options like cryptocurrency.”
He then added, “One of the great things about eBay is that when there is a new trend, it just shows up on eBay. That’s also what we’re seeing in areas like NFT which we’re looking at how we can explore that better.”
A Twist to the Story
Despite comments from the CEO, a spokesperson later gave an update stating that they do not have plans at the moment to adopt cryptocurrency payments.
The spokesperson said, “Cryptocurrency is not accepted as a form of payment on the eBay platform, nor is it part of our payments strategy.”
Non-Fungible Tokens for Sale
However, when it comes to NFTs, eBay is singing a different tune. The auction site has officially jumped on the NFT mania train, allowing the sale of NFTs. One reason why eBay decided to give the green light to NFTs is due the performance of trading card sales on the site. The platform is moving deeper into the lucrative collectables market, so it makes sense to embrace the sale of non-fungible tokens.
Another possible reason is the high sales associated with some NFTs. From a Meebit selling for $1.4 million to the artwork by Beeple selling for $69 million, the world of non-fungible tokens is white-hot and getting even hotter. As eBay generates revenue from sales, the addition of NFTs to the site should result in some hefty revenue.
Before now, leading payment giant Visa announced they will let customers make use of USD Coin (USDC) to pay for transactions on its network. According to the reports, the Ethereum stablecoin, pegged to the U.S. dollar, will be accepted as a means of payment, showing increased adoption of cryptocurrencies and the entire crypto space.
As of the time of publication, Bitcoin price was $48,150.58 with a 24-hour trading volume of $55,863,985,967. BTC price also dropped down 5% over the last 24 hours.
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