eBay Joins the NFT Market, Launching Its First NFT Collection - 27/5/22 News

eBay Joins the NFT Market, Launching Its First NFT Collection - 27/5/22 News
2 min read
14 November 2022

eBay is among the latest firms to have joined the non-fungible token (NFT) space. The company's announcement (this week) revealed plans to launch its first NFT collection. eBay will partner with the web3 network, OneOf, to introduce the NFT.

OneOf is an NFT platform that ensures innovation in the music and sports world. The platform named the introduced NFT "Genesis." The new Genesis non-fungible tokens will feature animated and 3D versions of several athletes that appeared on Sports Demonstrated covers within the past few years. Meanwhile, eBay made the recent move due to the surge in collectibles markets.

Ebay's Wayne Gretzky Inspired NFT Collection

The first NFT collection available features Wayne Gretzky, a Canadian hockey player. The NFTs have their price at $10, comprising Gretzky's 3D animation. Moreover, eBay plans to introduce more collections related to sports and athletes. The NFT collection will boast 13 (limited edition) digital collectibles, including gold, diamond, platinum, and green-tier non-fungible tokens.

They comprise 299 editions for the green tier, 15 for diamond, and 99 Platinum, whereas the Gold has 199. Dawn Block of eBay commented that the blockchain and NFTs technology are transforming the collectibles industry, attracting enthusiasts as investment options. He added that partnering with OneOf allows eBay to make the sought-after NFTs accessible to collectors globally. All non-fungible tokens in Diamond, Platinum, and Gold tiers sold right after the NFT collection launch.

Polygon Powers eBay NFT Platform

eBay settled with Polygon to power its NFTs. The Polygon blockchain is often the leading choice for decentralized finance and no-fungible tokens projects. Why Polygon? It is a layer2 ETH scaling solution recognized for low transaction charges and speedy transfers.

Though Polygon boasts several benefits, OneOf encountered disapproval for introducing the NFTs on Polygon, Tezos being the preferred blockchain. Keep in mind that eBay had revealed plans to navigate the NFT space last year. The e-commerce platform wants to attract more blockchain collectibles to its platform. eBay had an enormous presence and joined this ecosystem to compete with different NFT marketplaces.

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Edward Bail 2
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