eBay has announced it will soon allow people to sell nonfungible tokens, or NFTs, on its website. NFTs will unlock new ways for eBay customers to complete their collections, the company said Tuesday.
“NFTs offer greater access to a broader audience of collectors and creators,” eBay said. “In the same way digital publishing brought more exposure for writers, digital collectibles bring greater opportunity for artists and creators.”
eBay will allow “trusted sellers who meet our high standards” to sell NFTs across music, art, trading cards and entertainment in the coming months, and will later add the ability for others to sell NFTs in more categories.
Merriam-Webster’s definition of an NFT is “a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership (as of a specific digital asset and specific rights relating to it).”
Most NFTs use the Ethereum blockchain to digitally record any transactions, much like how cryptocurrency transactions are recorded.