eBay hops on the non-fungible token bandwagon, allowing sales on its platform

[Shawn Knight]

The big picture: eBay has been connecting enthusiastic sellers with passionate collectors over the Internet for more than 25 years, helping many turn their hobbies into their livelihoods. As we watch the rise of an alternative asset class, it should come as little surprise that eBay is jumping on the bandwagon early.

eBay has become the first e-commerce company to enable the sale of NFTs, or non-fungible tokens. The latest craze in crypto, NFTs use blockchain technology to authenticate digital goods like pictures or videos as original, and to verify ownership.

Any form of collecting is about the convergence of passion, interest, and opportunity. We’ve seen this play out in the physical world and now we’re seeing a transition to digital. This emerging area has reached a tipping point of credibility, trust and adoption so that mainstream audiences now feel comfortable exchanging new forms of digital collectibles.

NFTs have exploded in popularity in recent months. In March, someone paid a staggering $69 million for a digital picture from artist Mike Winkelmann. Grimes has also made a small fortune selling digital art, but not everyone is earning life-changing money. One of the most memorable viral videos from the 2000s, “David After Dentist,” only managed to bring in 3.30 Ethereum, or a little over $14,000 based on current exchange rates.

eBay has updated its policy to include the sale of NFTs. At first, inventory will be provided by trusted sellers with a reputation of meeting eBay’s “high standards.” Content will be available across categories like music, trading cards, entertainment and art, we’re told. A quick search reveals several listings already in place.

Over time, eBay plans to add further capabilities to bring more blockchain-driven collectibles to its platform.

Image credit mundissima

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https://www.techspot.com/news/89649-ebay-hops-non-fungible-token-bandwagon-allowing-sales.html

 

[QuantumPhysics]

I saw an NFT for Satan Shoes on Ebay yesterday.

Anyone who looses a lot of money behind this obvious ponzi scheme/ scam, absolutely deserves to lose their money.

 

[BSim500]

It's been utterly hilarious to watch the amazingly clueless but rich snobs throw millions at this.

"I just paid $6.6m for this 10 second long NFT-video of some pedestrians walking! It's COMPLETELY UNIQUE! There's NOTHING on Earth EXACTLY like it".

Me : Picks up a highly unusual oddly shaped & coloured sea-shell up off the floor and hands it to same person. "Here you go, now you can feel twice as special about owning TWO unique things in your boring, gullible life, for free!"

 

[terzaerian]

NFT collectibles are just a polite form of money laundering, the technology's real importance lies in the democratization of copyright and IP rightsholding in general, because it distills the act of selling and holding IP rights down directly to creator and customer. Crypto and DeFi will erode the power of the banks while NFTs will strike the killing blow on the likes of the RIAA and MPAA.

 

[Nobina]

Everyones trying to be some sort of inventor...

 

[Danny101]

Blockchain.
Copyright to value.

 

[sdms96825]

Why?

 

[koblongata]

I think trading cards are more stupid, some people will disagree furiously, but I think that's the idea, if a group of people thinks it has value then it has value, right?

 

[mbrowne5061]

I saw an NFT for Satan Shoes on Ebay yesterday.

Anyone who looses a lot of money behind this obvious ponzi scheme/ scam, absolutely deserves to lose their money.

At this point, NFTs is less a ponzi scheme, and more 'money laundering for the digital age'.

You ever look at a painting that some millionaire/billionaire spent an insane amount of money on, and you look at it and just go 'why?' Yeah, that was the rich guy just getting around tax laws regarding gifts, or transferring wealth for one reason or another without getting the government involved. The value of art is extremely subjective. If the buyer and seller agree that a piece is worth an insane amount of money, then its worth that amount of money - and they just pay sales taxes, instead of capital or wealth taxes.

Now, I fully expect NFTs to get deployed as a DRM at some point. Then it may have a 'real' use. People will still crack it though.

 

[terzaerian]

At this point, NFTs is less a ponzi scheme, and more 'money laundering for the digital age'.

You ever look at a painting that some millionaire/billionaire spent an insane amount of money on, and you look at it and just go 'why?' Yeah, that was the rich guy just getting around tax laws regarding gifts, or transferring wealth for one reason or another without getting the government involved. The value of art is extremely subjective. If the buyer and seller agree that a piece is worth an insane amount of money, then its worth that amount of money - and they just pay sales taxes, instead of capital or wealth taxes.

Now, I fully expect NFTs to get deployed as a DRM at some point. Then it may have a 'real' use. People will still crack it though.

The problem with DRM up to this point is that it was largely designed and employed for the benefit of industry organizations like the RIAA and MPAA as one-size-fits-all solutions for wide swathes of the market, and was constantly flying in the face of changes in technology. Many artists resented it, some felt it didn't go far enough. DRM by way of NFTs has the potential to be tailored to both the artist and the medium in question, to be as permissive or restrictive as they'd like to be.

 

[mbrowne5061]

The problem with DRM up to this point is that it was largely designed and employed for the benefit of industry organizations like the RIAA and MPAA as one-size-fits-all solutions for wide swathes of the market, and was constantly flying in the face of changes in technology. Many artists resented it, some felt it didn't go far enough. DRM by way of NFTs has the potential to be tailored to both the artist and the medium in question, to be as permissive or restrictive as they'd like to be.

And it has the potential to be something that some choose not to crack. Like, I can see someone being like 'oh man, you have a real, uncracked version of that limited-time, special-edition release? WITH the NFT still intact?'

It actually gives some users, some incentive not to break the DRM - even if the only incentive is bragging rights.