eBay looking to adopt crypto, NFTs – CEO

TL;DR Breakdown

• eBay set to begin accepting crypto payment
• Factors behind crypto adoption surge

Leading e-commerce firm eBay is planning to adopt cryptocurrency and is currently exploring several means to add digital currencies as a method of payment on its platform.

Jamie Iannone, Chief Executive Officer of eBay disclosed this in an interview with CNBC, noting that the e-commerce store was looking to add crypto payments and also adopt non-fungible tokens (NFTs) on its platform.

Although full detail of the launch has not been released the firm has attributed the new development to the recent rise in adoption of cryptocurrency by several multinational organization such as Tesla, PayPal, Visa, amongst other.

If eventually launched eBay users will be able to pay for transactions on the e-commerce platform using crypto as well as auction NFTs which is currently the raze of the moment in the crypto space on the eBay platform.

It is also important to note that eBay in 2014 had previously announced that it was considering adopting bitcoin with then-subsidiary PayPal, however, no crypto-related feature was eventually unveiled.

Major rise in adoption of Cryptocurrency

2021 has been a good year for cryptocurrency as the global perception of digital currency has continued to shift as the token witnessed growth in adoption by global financial institutions, multinational organizations, amongst others.

The recent surge in consumer interest has notably been linked to prominent public figures endorsing cryptocurrencies, as well as firms such as Mastercard, Tesla and JP Morgan, all of whom have signaled strong interest in the space.

Notably, the increased awareness has led to a surge in interest which, in turn, has put pressure on businesses to offer services allowing their users access to crypto.

Also, non-fungible tokens (NFTs) have also recorded major use cases, as large and small establishments have already started to embrace the new technology.

Notably, Jack Dorsey sold the minted version of his first tweet for $2.9 million and Beeple also auctioned a collage of his digital art collection for $69 million, making it one of the most expensive work from a living artist sold at an auction.