eBay jumps into digital collectibles market, launches first NFT collection

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eBay has become the latest company to officially enter the non-fungible token (NFT) market. The multinational e-commerce giant has announced the launch of its first NFT collection in a series of NFT drops it plans to make.

eBay partnered with OneOf, a Web 3 platform dedicated to sustainability, for the drop. The collection comprises exclusive NFTs featuring 3D and animated interpretations of sports illustrated covers of iconic athletes. The tokens will be minted on Polygon.

The “Genesis” collection features Canadian ice hockey legend, Wayne Gretzky, making his signature moves on the ice. eBay and OneOf plan to drop more collections through the year. The collectibles are tiered as green, gold, platinum, and diamond, with the price starting at $10.

In a press release, Dawn Block, VP of collectibles, electronics, and home at eBay, said that the company recognizes the revolutionary NFTs and blockchain technology has been playing in the collectibles space. Hence, the launch builds on the company’s commitment to offering its customers high-value items.

“Through our partnership with OneOf, eBay is now making coveted NFTs more accessible to a new generation of collectors everywhere. This builds upon our commitment to deliver high passion, high-value items to the eBay community of buyers and sellers,” Block said.

Lin Dai, CEO of OneOf, added that the partnership with eBay brings Web 3 technology to the “next 100 million non-crypto-native mass consumers.” Noting that users do not have to be digital currency experts to buy, sell, and collect NFTs.

eBay plans for more blockchain technology adoption

eBay first started supporting the listing of NFTs for sale earlier this month, as reported by Reuters. This makes eBay the first e-commerce company to tap into the NFT frenzy. It plans to roll out even more blockchain-driven NFT features in the coming months.

While it is ahead of other e-commerce companies in supporting NFTs, it has its work cut out for it by the already numerous digital currency native NFT marketplaces. It is also not the only traditional company entering the NFT market. In recent weeks, Instagram and Spotify have also announced NFT integrations of their own.

Similarly, the company is also developing a soft spot for accepting digital currencies. While it previously debunked rumors that it would start accepting digital currency payments, the company is now stating that it is open to accepting them.

Watch: CoinGeek New York panel, The New World of NFTs