Ebay Enters The NFT Space, Launches First NFT Collection

Ebay is one of the latest companies to have entered the NFT space. The company announced this week that it is launching the first ever collection of NFTs. This Non Fungible Token will be launched in partnership with web3 platform, OneOf.

OneOf, is an Non Fungible Token platform which brings in new innovation to the world of sport and music. For launching an NFT collection, it named it “Genesis” on its platform.

This new “Genesis” NFT collection will be featuring 3D and animated versions of many iconic athletes who have featured on Sports Illustrated covers in the past, over the last couple of years.

The reason why Ebay chose to bring this to the forefront has been directly attributed to the increase in collectibles market, which brought out Ebay’s first collaboration in the Non Fungible Token space.

Ebay’s NFT Collection Inspired By Wayne Gretzky

This first Non Fungible Token collection which has been made available by now, features Canadian hockey player Wayne Gretzky.

The NFTs are priced at $10 and they contain a 3D animation of Gretzky, apart from this Ebay also intends to drop other additional collections which will primarily feature and concern itself around athletes and sports.

This collection is supposed to include 13 limited- edition digital collectibles such as green, gold, platinum and diamond-tier NFTs.

There are 299 editions in total for each of these NFTs in the Green tier, 199 for Gold Tier, 99 editions for Platinum tier and finally 15 editions for the Diamond tier.

Dawn Block, the Vice President of collectibles, electronics and home at eBay stated that,

NFTs and blockchain technology are revolutionizing the collectibles space, and are increasingly viewed as an investment opportunity for enthusiasts, Through our partnership with OneOf, eBay is now making coveted NFTs more accessible to a new generation of collectors everywhere.

Right when the Non Fungible Token collection was launched, all NFTs in Gold, Platinum, and Diamond tiers were sold out.

Related Reading | Why E-commerce Giant eBay Could Integrate Bitcoin And Crypto Payments

Ebay’s NFT Network Is Powered By Polygon

The Non Fungible Token collection were launched on the Ethereum sidechain Polygon along with a issued partnership with sports illustrated NFT platform called OneOf as mentioned above.

Polygon network is often the best choice for Non Fungible Tokens and DeFi projects. This is so because Polygon, a layer-2 solution for Ethereum scaling is known for its high frequency and low value transactions.

Although, Polygon offers a host of benefits, OneOf has faced criticism for launching the Non Fungible Tokens on Polygon. Supposedly, The Tezos blockchain was more preferred.

This launch by Ebay is exactly unexpected because they had reportedly mentioned last year that the company was looking to explore this space in order to invite more blockchain-driven collectibles to the platform.

Ebay is a huge e-commerce company with a massive presence and it wanted to venture into this particular ecosystem to be able to compete with other crypto Non Fungible Token marketplaces that are already existing out there.

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