eBay Delves Into the NFT Space With its Genesis NFT Collection
May 25, 2022
With the introduction of its NFT collection, eBay joins the list of companies to venture into the NFT space.
This new NFT collection, called the Genesis NFT collection, in partnership with OneOf will feature 3D and iconic digital interpretations of sports athletes featured on Sports Illustrated covers over time.
According to eBay, the rise in the collectibles market necessitated their decision to create their first-ever NFT collection in the NFT space.
The Genesis collection is said to feature Canadian hockey player Wayne Gretzky and is also said to contain 13 limited-edition digital collectibles such as green, gold, platinum, and diamond-tier NFTs.
The NFTs start at $10 and contain a 3D rendering or animation of Gretzky making a signature move on the ice.
In addition, eBay plans to drop additional collections featuring more athletes later this year.
Dawn Block, the Vice President of collectibles, electronics, and home at eBay, had this to say:
“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.”
eBay launching its NFT collection isn’t exactly a surprise, as the company made it clear last year that it would be venturing into the NFT space to add new capabilities that bring blockchain-driven collectibles to its platform.
The company has a significant presence in online shopping, but the company will more than likely be facing stiff competition from several other companies out there in the NFT space.
eBay now joins a growing number of companies such as Instagram and Spotify looking to incorporate NFTs into their platforms.
Instagram recently announced that it will start testing NFTs with select creators in the United States.
In addition, Spotify confirmed last week that it’s testing a new feature that allows artists to promote their NFTs on their profiles.
eBay was one of the first companies to create and market an Internet Web site to match buyers and sellers of goods and services.
The company, which caters to individual sellers and small businesses, is a market leader in e-commerce worldwide and is headquartered in San Jose, California.
A key factor in eBay’s growth was its implementation of procedures to promote safe, transparent trading, accessible nearly anywhere to anyone.
PayPal, the online automated clearinghouse for payments, has been a cornerstone of eBay’s transaction environment.
In October 2002 eBay bought PayPal, but it was spun off as an independent company in 2015.
Other major acquisitions in the 2000s included Skype (sold 2009), Shopping.com, Rent.com (sold 2012), and StubHub.
eBay relies on its users to self-regulate the trading community through a feedback system that allows buyers to rate sellers on transactions. (Formerly, sellers also could leave negative feedback on their buyers, but this feature was removed in 2008.)
In theory, unscrupulous vendors are exposed and lose the trust enjoyed by reputable sellers.
Some vendors received poor ratings through no fault of their own but because of, for example, problems with package deliveries, and other vendors garnered good ratings for a short period before setting up cybercrime scams to defraud customers.
As a result, the company made available educational resources for best-practice trading, which has helped curb this menace to this day.
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