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NFT: eBay reveals plans for crypto, launches digital wallet and marketplace

Photo by: eBay/YouTube

eBay has launched its own digital wallet, and the American e-commerce firm also said last week that it is expecting revenue growth between five and six percent in fiscal 2023.

According to Reuters, analysts surveyed by Refinitiv, an American-British global provider of financial market data and infrastructure, predicted revenue of $10.95 billion in 2023, which is equivalent to 5.5% growth.

This may be possible as eBay experienced robust demand as online shopping took off last year at the height of the COVID-19 pandemic. However, the company is now trying to keep the momentum up as the people are slowly returning to the normal way of life. On top of this, it is also facing stiff competition with other innovative e-commerce stores like Amazon.

At any rate, eBay’s new digital wallet will help it keep up with rivals as it has a feature that allows users to utilize earnings from their sales to either buy another item or pay their selling expenses. And this is not all, the company also announced the debut of its eBay Vault, which was described as a digital marketplace and storage facility for trading collectibles and cards. The new facility is set for launch in the next quarter and will initially be available in the United States.

Meanwhile, CryptoNews reported that eBay also mentioned something about an upcoming “fractionalization” during the investor day event last week. The publication stated this may be suggesting non-fungible tokens (NFTs), although the company did not mention this.

eBay did not reveal much about its new digital wallet as well, but CryptoNews said there are hints that suggest NFTs could also be in the works on the e-commerce platform. In fact, it was said that the company already allowed users to trade digital assets on its site last year.

The company built its business by providing a marketplace for physical items and collectibles. With the introduction of its new digital wallet, it could be offering people a secure way to buy and sell virtual collectibles or assets. Based on the report, the wallet could be capable of storing and even displaying NFTs purchased by users.

Another hint that NFTs or crypto could be arriving at eBay is shown in its eBay Vault promo video. There was no direct mention of the subject in the video, but it was pointed out that there was a line that said fractionalization would be added in the future. In the world of NFT, fractionalization can mean the digital ownership of a token.

“Over the past two years, we have fundamentally changed the trajectory of our marketplace,” Crypto news quoted Jamie Iannone, eBay’s chief executive officer, as saying. “We see incredibly compelling growth potential in this market and believe it is our opportunity to win by sharpening our focus and continuing to create value through a tech-led re-imagination of eBay.”

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