It took eBay a long time to make up its mind – Auction giant eBay has been debating the idea of accepting Bitcoin (BTC) and cryptocurrency payments for years, at least since 2017. Since May 2021, the site has also been accepting NFT sales. As of March 2022, its CEO is about to dip his toe into the cryptocurrency payments waters.
eBay Hopes to Beat Amazon in Cryptocurrency Payments Race
The adoption of Bitcoin and cryptocurrencies by the youngest generation (Generation Z and Millennials) has been very advanced, and the eBay platform seems to have understood this. E-commerce and auction sites are losing ground in the face of Amazon's hegemony. Therefore, betting on the younger generation's appetite for cryptocurrency assets may represent its panacea.
In an interview with TheStreet, eBay's CEO Jamie Iannone explains that his company may soon surrender in the face of the growing success of cryptocurrencies. The landing of cryptocurrency assets on eBay could happen soon …… starting Thursday, March 10, 2022
“(……) We continue to evaluate the payment methods we should take on the platform. We currently do not accept cryptocurrencies on the platform (…) [mais] On March 10, we will look more deeply into all of these things, including payments, advertising, our target categories. “
The landing of cryptocurrency assets on eBay could happen soon, possibly as early as Thursday, March 10, 2022.
Bitcoin and Generation Z driving e-commerce?
In order to catch up with its e-commerce competitors and regain its former glory, eBay has therefore made the younger generation a "priority target".
“We have opened [les paiements par] Google Pay and Apple Pay. We have a partnership with Afterpay in Australia, a platform that appeals to the Z generation and a buy-now platform before payment in the marketplace (……).”
As for the irreplaceable tokens (NFTs), Jamie Iannone revealed that their transactions on eBay started "naturally" and were not officially announced by the platform. These transactions were conducted by the users themselves, and eBay adapted more than it expected.
“We actually changed our policy last year [en mai 2021] so that you could trade on the platform NFT (……) even without announcing anything and without doing any promotion, people started trading on the platform NFT (……) It reminds me of what happened when people first started selling cars and we didn’t “There wasn’t even a dedicated vehicle service (……)”
The CEO of eBay concluded by explaining that his platform will be a place where people can exchange goods "both physical and digital". We'll just have to wait until March 10 to learn more. But eBay had better adopt cryptocurrency technology soon, as its Japanese rival Rakuten has already launched its own NFT platform.
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