eBay is Considering Adding Crypto Payments & NFT Sales

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The CEO of the multinational e-commerce platform eBay, Jamie Iannone, stated in an interview that the company was exploring its options when it comes to adding support for cryptocurrency payments and NFT integration.

The comments were made in an interview with CNBC’s Squawk Box, a TV show based around the stock market, one week after the eBay stock experienced a drop in value that had shareholders concerned about recent developments.

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Lannone referred to the possibility of crypto integration as a valid payment method by telling Reuters:

“We are always looking at the most relevant forms of payment and will continue to assess that going forward. We have no immediate plans, but it (cryptocurrency) is something we are keeping an eye on.”

The interview also made clear that eBay is looking at ways to take advantage of the Non-Fungible Token (NFT) boom that has been taking place in the crypto space, which could allow it to capture an audience that hasn’t adopted the technology yet.

Lannone also referred to the importance that NFT integration has for the company by saying:

“We’re exploring opportunities on how we can enable it (NFTs) on eBay in an easy way, Everything that’s collectible has been on eBay for decades and will continue to be for the next few decades.”

Crypto Payments Could Level the Playing Field for eBay

With EBay’s recent second-quarter forecast failing to meet the market expectations amid an increasingly competitive E-commerce industry, the company has been actively looking for ways to improve its chances of success against companies like Amazon and Shopify.

In recent years, eBay has paid special attention to advertising and a payment business with a simpler e-commerce platform but has failed to take the spot Amazin holds as a favorite among consumers in the United States and Europe.

The inception of other platforms like Canada’s Shopify has also resulted in the growing uncertainty faced by eBay, which used to be the go-to destination for consumers during the first days of the internet’s E-commerce boom.

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However, eBay has shown a great deal of success when it comes to offering different payment methods as it allows sellers and buyers to make use of platforms like Paypal, Bank transfers, international wire transfers, and many more.

While Lannone’s statements don’t necessarily mean that the company will be adding cryptocurrencies to the listed of supported payment methods any time soon, such a move would be consistent with the company’s history and could result in increased adoption of cryptocurrency in a more impactful way than the likes of Tesla.

eBay Wants to Keep Its Throne as the Platform for Collectibles

One of EBay’s main strengths is the high percentage of collectors who make part of its user base as a direct result of the platform’s position as the best place to sell and purchase collectibles.

The platform has historically offered anything from Pokemon cards, action figures, comics, posters, military paraphernalia, art pieces, and much more, to millions of users worldwide, with some items selling for more than $1 million.

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eBay has been doing business since the dawn of the internet and may be looking for new ways to thrive.

This reputation that the platform has achieved over the past decades could make it a perfect match for the booming NFT ecosystem, which has made the news constantly over the past month as more personalities and companies endorse the technology.

By adopting NFTs, eBay could capture a growing segment of the NFT market while facilitating their acquisition for users who might not be able to acquire them via dedicated platforms, as the technical nature of blockchain and crypto have remained as one of the major barriers to adoption.

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Author: Nicholas Say


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