eBay Makes a Major Move Into NFTs -- Is the Stock a Buy?

eBay (NASDAQ: EBAY) is taking its massive collectibles business into the digital realm. The e-commerce giant acquired non-fungible token (NFT) marketplace KnownOrigin to turbocharge its digital asset trading ambitions. 

NFTs use blockchain technology to verify ownership and prevent duplication of assets such as artwork, music, videos, and literature. In turn, NFT owners can earn royalties and other rewards while also benefiting from their asset's uniqueness. That's made the assets very popular with collectors and investors.

Sales of NFTs soared 21,000% to over $17 billion in 2021, according to data provider Nonfungible.com. Some estimates of the size of the NFT industry are even higher. Market tracker DappRadar places last year's sales of NFTs at roughly $25 billion. Individual NFTs have sold for millions of dollars, with one selling for a stunning $69 million in a transaction facilitated by venerable auction house Christie's. 

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Source Fool.com