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eBay jumps into declining NFT business with Wayne Gretzky’s help

eBay
TL;DR Breakdown
  • A 3D rendition of Canadian hockey icon Wayne Gretzky will appear in eBay’s first “Genesis” NFT collection.
  • eBay chooses the NFT platform OneOf to supply its “green” Web3 technology rails.

eBay is taking a more active role in selling non-fungible tokens (NFTs) on its site. The first batch being collectible photos of NHL superstar Wayne Gretzky.

They initially approved it for NFT purchases and sales in May 2021. Now OneOf, a sustainable NFT platform, is working with the e-commerce marketplace to create an exclusive series of NFTs.

eBay’s first-ever “Genesis” NFT collection contains 3D and animated portraits of sports stars who have appeared on sports illustrated covers. The first will be available on Monday, May 23 at (eBay.com/oneofgretzkynft). It will feature Wayne Gretzky, a Hall of fame hockey player.

What will the collection feature?

There will be 13 limited-edition digital collectibles in the collection, each priced at a different tier, starting at $10. At the heart of each NFT is a 3D animation showcasing Gretzky’s trademark moves on the ice in action. Additionally, OneOf will collaborate with eBay to release more drops of its sports legends’ NFT series.

eBay attributes this first-ever partnership between them and an NFT seller to an increase in the collectibles industry. 

NFTs are cryptographic tokens that record and uniquely identify their owner in a blockchain ledger. However, only one person can own an NFT, and only the certified owner can sell it.

Before entering the NFT market, eBay announced it would implement: 

  • Programs
  • Policies
  • Technologies 

All of which would help customers buy and sell NFTs more efficiently across a broader range of product categories. In addition, eBay wants to introduce new features to bring blockchain-based items to its marketplace.

eBay’s product category of collectibles, digital and otherwise, is becoming more and more essential. In January 2022, the company debuted a new trading card authenticity guarantee service. 

It has since developed it through a new strategic agreement with trading card authentication and grading company PSA (Professional Sports Authenticator).

eBay’s authenticity guarantee service has expanded to include trading cards. It makes it possible for avid collectors to get their items authenticated in four different ways:

  • Sneakers
  • High-end watches
  • Handbags
  • Memorabilia of sports

According to Dawn Block, eBay’s VP of collectibles, electronics, and home, NFTs and blockchain technology are transforming the collectibles industry. Also, they are increasingly seen as investment opportunities for aficionados. 

eBay taps NFT platform OneOf to provide Web3 tech rails

In conjunction with OneOf, eBay is enabling an entirely new generation of collectors to get their hands on prized NFTs. It reinforces their dedication to providing the eBay community of consumers and sellers with high-quality, high-value products.

Wayne Gretzky says he was ecstatic to be on the cover of sports illustrated 40 years ago and that it was a “historical” time in his life. For the fans who have followed his work for decades, Wayne says it is his honor to deliver the collectible experience to them.

eBay is the world’s largest and most trusted online marketplace. OneOf CEO Lin Dai says he is happy to work with them to bring NFTs and the power of the blockchain to eBay’s enthusiastic audience. 

He also says that to buy, sell, and accumulate NFTs, you do not need to be a crypto specialist. Non-crypto-native mass customers will soon access transformational Web3 technology through OneOf and eBay.

What’s the big deal about NFTs?

Gretzky trading cards have established records for hockey collectibles in the recent collector’s boom, with a rookie card selling for $3.75 million in 2021. Another Wayne Gretzky card sold for over $1 million in 2020, making it the first of its kind in the sport’s history.

Despite the enthusiasm from online retailers, NFT market activity has dropped as the overall crypto market has fallen.

After a spike in January, the number of active addresses containing digital collectibles has progressively declined, according to NonFungible’s Q1 2022 NFT market report.

Cryptocurrency, which powers every NFT transaction on the blockchain network, has taken a hit. The price of ethereum recently went down by as much as 60% from its 2021 peak. Last week, Bitcoin touched its lowest level since December 2020, under $26,000.

Nellius Irene

Nellius Irene

Nellius Irene is a cryptocurrency investor and journalist who has been in the nascent space since 2018. She has researched and written on several crypto-related topics including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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