eBay looks to attract the next generation of collectors after it allowed the sale of non-fungible tokens (NFTs) on its platform.

The world’s leading auction site became the latest to join the NFT craze after it announced via its website on Tuesday that it’s now open to a new wave of collectibles. This came just a week after CEO Jamie Iannone talked about how his company was “exploring opportunities” for how they can “enable NFTs in an easy way.”

Following the announcement, eBay became the first eCommerce company to deal with NFTs, which was dominated prior by online marketplaces dedicated to digital collectables like Opensea and Rarible. With eBay’s move, its customers can start owning virtual assets that range from digital versions of fantasy football trading cards to Shawn Mendes’s embroidered vest.

NFTs, which are blockchain-based cryptographic tokens representing either digital or real-world assets, have exploded in 2021. In Q1 alone, NFTs totaled $400 million in trading volume with a notable high-profile purchase that involved a digital artwork called “Everydays: the First 5000 Days” that sold for $69.3 million worth of Ether.

Trusted Sellers

While potentially setting up for an NFT sale that could match the price of a lunch date with Warren Buffett, eBay stated that it would allow only trusted sellers. These sellers are those who meet its high standards to auction NFTs across categories like trading cards, music, entertainment, and art on its platform. It also intends to partner with creators, sellers, and brands.

Crypto Payments

And when it comes to crypto payments, Iannone said that the company is also open to taking the Tesla route. Currently, eBay only accepts U.S. dollars for the NFTs on sale on its platform. But it has already expanded its customers’ payment options with Google and Apple pay. However, after Tesla reversed its course on Bitcoin (BTC) payments, which ensued a selloff that erased $365 billion of the top crypto’s value, Iannone might want to reconsider.

Next Steps

The NFTs auctioned on its platform appear to be mostly on the WAX blockchain, while some sellers provide the option to send the NFT directly to the buyer’s (ETH) wallet after purchase.

But according to the company, the initial rollout will help them learn what their community will respond to. And it plans on adding programs, policies, and tools that will facilitate NFT transactions with “greater ease and confidence.”