eBay Introduces New Vault for Trading Non-Fungible Items (NFT)
American multinational eCommerce company eBay has launched a 31,000-square-foot facility called eBay Vault. The vault will store graded trading cards ($750) for now and different types of physical collectibles in the future.
eBay’s New Vault Facility
eBay launched the vault in the middle of its Authenticity Guarantee for sneakers. The company validated over $100 and also partnered with Professional Sports Authenticator to grade trading cards of $2,000 or more value.
At present, the trading card has to be purchased on the eBay site. They also have to be graded by other renowned organizations like Sportscard Guaranty Corporation and PSA.
According to Dawn Block, VP of collectibles, electronics, and home, the vault will allow buyers to “streamline and securely store their portfolio of assets.” Buyers can also trade the assets instantly as card values keep rising and falling.
In the crypto industry, people can buy and sell collectibles without touching them. As NFTs are digital tokens, investors can make instant decisions as per the market changes. There are no concerns about spending time on moving the asset.
With eBay’s vault system, buyers can own a physical asset for which they don’t have storage space for. They can also withdraw the actual trading card by paying some fee to eBay and getting it delivered to their home.
On 11 May 2021, eBay announced that they would expand their marketplace for NFT trading. Unlike StockX, eBay is not producing NFT assets on blockchain technology to link with stored assets. Although they are working on providing authentic products to their customers.
According to eBay, their trading cards are popular and are selling on average two units per second in 2022, quarter 1. It’s still not known whether the vault will carry classic video games. But, the company might soon reach the $3 billion mark for assets with the graded game carts.
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