Why E-Bay is getting involved in the NFT realm as per Nest Arcade

Nest Arcade

E-bay was started 26 years ago. In 1995, Pierre Omidyar, a French-born Iranian-American, was about to change the way people sold and bought things. The company was a pioneer in its space and, from the beginning, set its sights on the future. And now, the future is here. And E-bay is here to own it. The company has filed trademarks that cover metaverse and NFTs. It's something everyone should know about. To help you get a grasp on things, Nest Arcade offers introductory knowledge.

Metaverse and NFTs have taken the world by storm. They are being touted as the next big thing. Backed by high-end technology and young minds, these platforms are fast simulating the real world. They seem to be the right kind of horse to bet on. And as Nest Arcade shows, E-bay was quick to act upon it. He says, "On 23rd June 2022, E-bay filed trademarks which extensively covered metaverse and NFTs. But what does that really mean? In their filing document, the company indicated plans for NFTs, NFT exchanges, and NFT trading. They also covered virtual marketplaces focusing on online retail stores with both actual and virtual goods. The document also states that E-bay will provide an interactive website that will enable users to "create, view, buy and sell digital assets through blockchain-based transactions."

The move has been welcomed by the United States Patent and Trademark Office (USPTO). Their licensed trademark attorney, Mike Kondoudis, tweeted an official welcome to E-bay. For Nest Arcade, the move is timely and has brought the company back into public consciousness. He says, "E-bay had become so synonymous with its sector that it had almost receded to the background. The online space is also becoming competitive as we speak; everyone is hankering for the customer's time. At this hour, the E-bay move emphasizes its goals for the future. And if the predictions by research pundits are anything to go by, for instance, McKinsey and Company believe that Metaverse is capable of generating $5 trillion by 2030, Citigroup set the number at $13 trillion, while Goldman Sachs predicts the numbers to touch $8 trillion by the end of this decade. All in all, the future seems to be tailor-made for NFTs and Crypto. E-bay's move is most timely and clearly a practical one for their business."

Ebay is very aware of its current standing in the market, especially in terms of people-perception. For Nest Arcade this means that "their experts know that Ebay is a well-established global name. It has the power, potential, loyalty, and consistency that make customers love a brand. To make it a place where the modern consumer can find digital collectibles only adds to its global presence."

The move signifies the beginning of many new things for EBay and for the world. It remains to be seen how far the projections will come true and the role E-bay will play in realizing them for the future!