eBay launches its first collection of NFT
eBay has announced that it is launching 13 limited-edition NFT digital collectibles in partnership with OneOf, each featuring a 3D animation of hockey legend Wayne Gretzky performing one of his signature moves on the ice.
Non-fungible tokens (NFTs) are a type of digital asset created to track ownership of a virtual item using blockchain technology. These unique items can be artwork or sports cards that can be traded in.
- Each non-fungible token is unique, cannot be duplicated, the value accumulates independently and is stored in digital wallets as aggregated items.
- eBay has up to 142 million subscribers worldwide. It is the second largest player in the field of e-commerce. Electronics and accessories are the most popular category in their sales, which attracts younger consumers.
- Earlier this month, eBay bought a 25% stake, worth $263 million, in toy maker Funko in partnership with a consortium.
"NFT and blockchain technologies are revolutionizing the collectibles space," said eBay's Vice President of Collectibles, Electronics and Home. It is also seen as an investment opportunity for hobbyists. Through our partnership with OneOf, eBay is now making NFT accessible to a new generation of hobbyists everywhere.
OneOf claims to be a green NFT platform that uses energy-efficient blockchain technology. OneOf, which uses the Proof of Owner algorithm, states that it uses more than two million times less power than what is known as the Proof of Work algorithm.
Additionally, says the company, which has so far focused mainly on the music business: More than 80% of the collections offered on its platform come from minority content makers.
eBay enters the world of NFT
“Our software and eBay software are combined to provide consumers with a super-easy NFT buying experience,” OneOf CEO said at VeeCon, an NFT and Web3 conference. Our goal is to attract 100 million users currently.
About a third of the total eBay customer base uses the mobile shopping app each month. This makes it the third most popular shopping app in the US after Walmart and Amazon.
Over the remainder of the year, OneOf plans to bring in an additional NFT series in partnership with eBay. The upcoming series features iconic athletes with reinterpretations of Sports Illustrated's popular covers in the Web3 era.
- During the recent collectibles boom, trade-in Gretsky cards set records for hockey memorabilia. One of the cards sold for $3.75 million in 2021.
- NFT groups have seen a significant drop in value this month. The most popular groups, such as Bored Ape Yacht Club and Crypto Punks, fell by 28% and 32%, respectively.
- Cryptocurrencies have also experienced a downturn. Recently, the price of Ethereum has fallen by up to 60% from its peak in 2021. Last week, the price of Bitcoin reached its lowest level since December 2020.
And eBay revealed last year that it is embracing the NFT and adding new capabilities that bring blockchain-based collectibles to its platform.
eBay is now joining a growing number of companies looking to integrate NFT into their platforms. And Instagram recently announced that it is beginning to test the NFT with select content makers in the United States.
In addition, Spotify confirmed last week that it is testing a new feature that allows artists to promote NFT through their account.