eBay is one of the most successful online marketplaces today, processing millions of transactions each day. The platform began in 1995 and has blossomed into a hub for buying new and secondhand goods from all around the world. eBay has partnered with a number of major brands over the years, allowing retailers to sell products directly through its marketplace.
Given the breadth and popularity of eBay, users can purchase just about anything they can think of from the marketplace — and that now includes NFTs.
See more: Ebay nft sales
Our take on eBay’s NFT marketplace
NFTs burst into the public eye in 2021. Non-fungible tokens (NFTs) are unique digital tokens that are used to represent ownership of a digital asset. This item can be nearly anything, from computer-generated artwork, music, trading cards and even physical memorabilia such as clothing. To learn more about NFTs, you can read our comprehensive guide here.
In May 2021, eBay announced it would join the growing NFT market. Saying the NFT market is large is an understatement — OpenSea sold $2.4 million in NFTs in January 2022, reported by Fool.
As this new endeavor rolls out, eBay will allow “trusted sellers” to list authentic NFTs on its platform in specific categories like music and trading cards. As it becomes more comfortable with the asset type, eBay plans to relax company policy on the sale of NFTs to allow a broader range of products going forward.
Perhaps the most eye-catching element of eBay’s venture into NFTs is that it only accepts fiat currency – predominantly through PayPal or credit cards. While certain NFT marketplaces do accept local currencies, the vast majority only allow payments in cryptocurrencies such as Ethereum (ETH) and Binance Coin (BNB).
The ability to buy digital assets with fiat currency, and the fact that eBay is a very trusted site with years of experience, may lead newbie crypto enthusiasts into the industry.
How eBay’s marketplace works
Buying an NFT via eBay is a little more complicated compared to eBay’s normal purchase process. For example, simply typing “NFT” into the eBay search bar doesn’t come up with any actual NFTs, only books on cryptocurrency and toy tractors.
To get started, you will need to create an eBay account. Head over to the “register” tab on the main page and input your details.
Once your account is up and running, you will need to browse the various NFTs available. At the time of writing, eBay does not have a central hub for NFTs and they can only be accessed as “sub-categories.” To find the actual NFTs being sold, you have to first decide what category of NFT you wish to purchase, and then head to the corresponding umbrella category on eBay.
Maybe you are interested: Securely Storing Your NFTs: A Complete Guide – Cyber Scrilla
For example, if you would like to purchase NFT Art, select the “Art” category in the dropdown menu next to the search bar, then hit Search.
This will bring you to the landing page for the Art category. On the left, you will see the sub-category called “Art NFTs”. Click through, and you will be able to access the various NFTs eBay has to offer.
From this point, you can proceed with purchasing an NFT as you would any other product on eBay.
If you plan to buy an NFT you MUST read the description on the item listing. Since they are digital products, their method of delivery will vary. Most will require you to create a custom Ethereum wallet and inform the seller of the wallet’s delivery address. Others require you to create an account on an exchange such as OpenSea.
For a full guide and comparison of popular cryptocurrency wallets, click here.
What currencies does eBay accept?
eBay requires fiat currency for NFT purchases, just like any other purchase on the platform. Accepted methods include:
- PayPal Credit
- Credit card
You can buy an NFT as a guest on the site or use your eBay account.
How to sell NFTs on eBay
At the time of writing, eBay’s NFT policy does not allow everyone to sell an NFT on the platform. It is currently only accepting “trusted sellers” that have a history of selling on other platforms and have been approved through a vetting process. It’s not clear how to get on the whitelist of sellers, though it appears to be an application process.
In the future, eBay plans to allow more vendors to list their NFTs the same way they would any other product.
You can research more about NFT marketplaces that let you create custom NFTs and sell them with this guide.
What NFTs can you buy on eBay?
eBay currently has a limited list of categories for NFT sales, mostly art and trading cards. While there are plans to expand this list, for now, users will only be able to choose between a tightly curated selection of assets.
Crypto Art encompasses any form of digital artwork that is pegged to a unique token. These can range from abstract, psychedelic GIFs to pixel art. Popular examples of Crypto Art are the CryptoPunks characters and Beeple’s $69 million collage “Everydays: The First 5000 Days” — though these major collections and pieces are often available on auction sites such as Christie’s or OpenSea.
Music can be purchased as an NFT, usually in the form of an MP3 or MP4 file. It’s worth noting that purchasing a music NFT doesn’t give you ownership of the actual song, but a representation of it. They can be listened to or displayed as part of your NFT collection on a platform like OpenSea or in your crypto wallet.
Trading cards and NFTs are a logical pair, as rarity and value can easily be determined by the representative NFT, kind of like a card’s serial number.
NBA Top Shot is one of the most popular digital trading card platforms, selling sport highlight clips mainly, and you can read more about the marketplace here.
eBay NFTs fees
Although most people cannot currently sell NFTs on eBay, there’s a seller fee, like everything else sold on eBay.
NFT sales have a flat fee that is equivalent to 5% of the total sale amount. The seller fee on eBay depends on the items you’re selling — shoes, for example, range from 8% to 12.9%, depending on the gender and price — so it’s nice to know that NFTs have a flat fee of 5%.
For purchasing NFTs, eBay does not charge any fees, though there may be a local sales tax added onto the final price depending on your region.
Is eBay’s NFT marketplace safe to use?
eBay has been around for nearly three decades, and in that time has built up a lot of trust in its brand name. However, as a buyer, you must be vigilant for scammers in any peer-to-peer marketplace.
It’s true that eBay has a Money Back Guarantee — which covers the vast majority of transactions on the marketplace — but NFTs are explicitly not included in this guarantee.
While individual eBay accounts are hacked on a daily basis (as they are with most online platforms), eBay’s last attack was in 2014, where a list of usernames and passwords were compromised.