eBay Embraces NFTs

eBay is joining the NFT frenzy, telling Reuters today that going forward it will allow the sales of NFTs on its platform, a mainstream embrace that follows billions of dollars in NFT purchases over the past few months. TechCrunch reports: The e-commerce company seems poised to slowly build up sales of digital collectibles on the platform, starting with a smaller group of verified sellers on the platform. "In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform," eBay exec Jordan Sweetnam told them. eBay has invested heavily in infrastructure for physical collectibles like trading cards, as well as items like sneakers and watches which they help verify for buyers.

An interesting curiosity

[sdinfoserv]

The curiosity here is not that eBay would jump onto transactions selling for ridiculously large amounts, but rather, what fool would actually buy these imaginary nothingness.

Re:

[Kisai]

A fool and their money are soon parted. Look how well it works for lootboxes.

Re: An interesting curiosity

[1s44c]

Amazon offer cheaper goods, with faster delivery, better customer service, and no requirement to go anywhere near PayPal.

eBay only wins on hard to find second hard items. And then you get robbed on postage.

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[Antique Geekmeister]

Who buys bitcoin?

It's a tax scheme

[rsilvergun]

see here [newrepublic.com]. Or google "how the rich use art to avoid taxes".

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[Powercntrl]

Can you claim NFTs as some sort of deduction/loss on your taxes?

Re:It's a tax scheme

[tommeke100]

Maybe, but it's a way to store your wealth, or to make big international transactions without paying taxes on them. There is a huge warehouse center in Switzerland https://en.wikipedia.org/wiki/... [wikipedia.org], which contains an estimated 100 billion worth of art work. Many of these art pieces are being traded between parties, but they never leave the warehouse. Very little taxes (if any) are being paid on these transactions. Result is inflation. Same with condos in new developments in Manhattan. It's estimated only half is really occupied. The rest is just bought as investment or to launder money. You buy a condo for 3 million. I buy it from you a year later for 5 million. I just gave you 2 million under the radar. Again, result is inflation.

Obligatory comic

[Sebby]

Fits the story: https://ifunny.co/picture/grea... [ifunny.co]

Way more important: eBay dropping PayPal

[PeeAitchPee]

Who cares about this flavor-of-the-month NFT gimmick crap? The real news is that eBay is dropping PayPal as its payment processor [usatoday.com] and will directly process payments via users' own bank accounts. This is something that affects every eBay user very soon and I'm shocked it hasn't gotten more press than it is receiving.

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[Pascoea]

Can't read the article (USA Today Paywall) but it looks like that article is from over 3 years ago. Here's straight from the horse's mouth: https://www.ebay.com/help/sell... [ebay.com]

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[tlhIngan]

Who cares about this flavor-of-the-month NFT gimmick crap? The real news is that eBay is dropping PayPal as its payment processor and will directly process payments via users' own bank accounts. This is something that affects every eBay user very soon and I'm shocked it hasn't gotten more press than it is receiving.

Uh, that's pretty old. eBay has been accepting direct credit card payment for a while now - you can choose to pay by Paypal, or enter your credit card number into eBay's system and go from there.

Oh, please...

[Myria]

NFTs are like the "star registry": you pay a company to send you a certificate that says a star is named after you, and nobody else gives a shit.

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[Pascoea]

Just remember, anything is worth exactly what someone else is willing to pay you for it. If some people with more money than brains wants to own the rights to a particular set of bits, more power to them.

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[account_deleted]

Comment removed based on user account deletion

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[drinkypoo]

We can all see money laundering

So can the feds

Great

[cere]

That is great news.