How to sell NFTs on eBay

Wondering if you can sell NFTs on eBay? You've come to the right place.

Unless you've been living under a rock, by now you surely must have heard of cryptocurrencies. This brand-new form of currency has taken the world by storm. But the latest craze making overnight millionaires is in the world of NFTs

Take an artist most of us had never heard of named Beeple. He recently sold an NFT for over $69 million dollars, to become one of the most valuable artists in the world. So if you are wondering what an NFT is, how it all works, and what eBay might have to do with any of it, we'll do our best to break it down into some easy-to-digest chunks.

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How to sell NFT on eBay

On 11 May, eBay confirmed that it would expand its marketplace to allow for the buying and selling of NFTs. With a few caveats. As far as eBay is concerned, it is happy that this is a form of collecting which fits the principles behind the site. eBay want to continue being the place for people to go to find whatever it is they are looking for.

However, given that interest in NFTs has exploded in the last year or so, eBay is proceeding with caution. In its announcement, eBay stated:

In the short term, NFT inventory will be provided by trusted sellers who meet our high standards, across categories like trading cards, music, entertainment and art.

They go on to explain that:

This initial rollout will help us learn more about what’s important to our community. Expect to see programs, policies and tools that will allow our audiences to buy and sell NFTs with greater ease and confidence, across a broader range of categories.

So in the short-term at least, selling NFTs on eBay will be limited to a select group of sellers that eBay has vetted and approved as being trustworthy enough for the marketplace. This means that for the foreseeable, the rest of us will have to wait on the sidelines. It just gives us all a little longer to try to become the next Beeple.

What is an NFT?

NFT stands for Non-Fungible Token. This is a data unit proving ownership of a digital asset, such as a picture, a video, or audio file. It utilises the same blockchain technology as cryptocurrencies like Bitcoin or Ethereum. It is the blockchain that will prove ownership of the item.

Non-fungible means that the item is completely unique. Whereas a Bitcoin can be swapped for another Bitcoin, an NFT is more like an original work of art. While anyone can buy a print, only one person can own the original. The NFT proves who the original belongs to.

Almost anything can be sold as an NFT: digital animated stickers. News articles. William Shatner trading cards. Clips from a YouTube video. The possibilities are only as limited as your imagination.

READ MORE: Can I buy or sell NFTs on Amazon?

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