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Through the partnership, eBay will make the already coveted digital collectibles available to its teeming community.
Ecommerce giant eBay has announced a strategic partnership with NFT platform, OneOf to deliver its Genesis NFT collection. The firm first teased the possibility earlier in May and has now fulfilled the promise.
According to the VP of Collectibles, Electronics and Home at eBay, Dawn Block, the partnership delivers on eBay’s commitment to bring the most valuable items to its community. Block said:
“NFTs and blockchain technology are revolutionizing the collectibles space, and are increasingly viewed as an investment opportunity for enthusiasts.”
Likewise, the CEO of OneOf, Lin Dai, expressed excitement at the partnership and its import for eBay customers. Also, he noted that it was unnecessary to be a crypto expert to be able to buy and sell NFTs. “OneOf and eBay are bringing transformative Web3 technology to the next 100M non-crypto-native mass consumers,” he said.
Accessible NFT Collection
Through the partnership, eBay will make the already coveted digital collectibles available to its teeming community. The average fan will be able to purchase an NFT for as low as $10. Also, the collectibles would be purchasable via fiat on eBay platforms and with cryptocurrencies.
eBay will leverage a pre-existing partnership between OneOf and Sports Illustrated. Its NFT collection will feature 3D renderings of iconic athletes that have been featured on Sports Illustrated cover pages. The first of the collectibles features revered hockey legend Wayne Gretzky.
Gretzky was featured on the cover of Sports Illustrated about forty years ago and stated that was a monumental point in his life. “I’m honored to bring this collectible experience to my hockey fans who have followed my career for decades,” he concluded.
Gretzky’s trading cards have been sold for astounding prices with a rookie card selling at $3.75 million in 2021. Also, another of his hockey card also sold for over $1 million in 2020.
End of an Era?
While more NFT collections continue to be introduced, the NFT bubble seems to have burst. The NFT ecosystem saw a significant downturn this May as cryptocurrency prices spiraled. According to CREBACO research, popular collections like Bored Ape Yacht Club and Crypto Punks fell by 28% and 32% respectively.
Will NFTs bounce back as the cryptocurrencies are expected to in the long term? It remains to be seen.