Talking about auctions, how can we not mention eBay! Confirmed: NFT collectible auctions will be launched in the coming months.

eBay, the legendary Internet-era company founded in 1995, is a classic auction website. It once joint ventured with PChome to establish Ruten Auction in Taiwan and partnered to establish EachNet in China. On Tuesday, 5/11, eBay announced that it will support NFT auctions, including digital collectibles such as cards, images, and videos, all of which can be auctioned on eBay.

Recently, traditional auction houses Sotheby's and Christie's have also joined the ranks of NFT auctions and cryptocurrency payments. eBay CEO Jamie Iannone had told the media on May 3 that collectibles are a core part of their business, and they are exploring NFTs and cryptocurrency payments. Today, the 11th, this news has been confirmed.

How to Trade NFTs on eBay?

According to a press release, sellers need to meet certain criteria to trade NFT goods. eBay will release more solutions, policies, and tools in the future to enable users to buy and sell various categories of NFTs.

eBay officials stated, "In the coming months, eBay will support the integration of blockchain-based collectibles onto the platform."

Current NFT Sellers

NFTs currently sold on eBay do not directly interface with cryptocurrency wallets. Typically, buyers need to notify sellers after payment, and sellers will then transfer the NFTs to the buyer's wallet. This differs from the usual method of direct buying and selling using cryptocurrency wallet plugins. eBay officials also mentioned that the feature will be rolled out in several months. Please assess the risks on your own. REF: https://ebay.to/3y4j5WW

Competition and Advantages?

Existing NFT platforms such as OpenSea, Nifty Gateway, Rarible, Foundation, are thriving and will be eBay's main competitors in the crypto space. Additionally, Binance will launch an NFT platform with low fees in June, and the choice of blockchain networks and fee structures in NFT platforms will be crucial factors for success.

However, eBay claims to have 187 million active buyers in the first quarter of 2021. If they can introduce unique NFT categories along with convenient credit card and cryptocurrency payment options, it may bring greater liquidity to the market.