eBay headquarters in San Jose, California.
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eBay is getting into NFT, with the help of hockey legend Wayne Gretzky.
The company announced Monday that it will release 13 limited-edition digital collectibles in partnership with the OneOf Web3 platform, each containing a 3D animated depiction of Gretzky doing one of his signature moves on the ice.
NFTs are a type of digital asset created to track ownership of a virtual item using blockchain technology. Such unique items could be works of art or sports cards. Each NFT is unique and cannot be replicated and independently accumulates value, stored in digital wallets as collectibles.
“Forty years ago, I was grateful to be on the cover of Sports Illustrated, it was a monumental moment in
my life,” Gretzky said in a statement. “I am honored to bring this collectible experience to my hockey fans who have followed my career for decades.”
Canadian professional hockey player Wayne Gretzky of the Edmonton Oilers in action on the ice for an away game during his rookie season, 1979-80. (Photo by Bruce Bennett Studios via Getty Images Studios/Getty Images)
B Bennett | bruce bennett | fake images
There are 142 million eBay buyers worldwide. It is the second largest player, albeit a distant second after Amazon, in e-commerce. Electronics & Accessories is the company’s most popular category, attracting a younger consumer demographic. Earlier this month, eBay bought a 25% stakeworth $263 million, in toymaker funko along with a consortium that includes former Disney CEO Bob Iger, sports agent Rich Paul and the Chernin Group.
“NFTs and blockchain technology are revolutionizing the collectibles space and are increasingly seen as an investment opportunity for enthusiasts,” said Dawn Block, eBay’s vice president of collectibles, electronics and home. “Through our partnership with OneOf, eBay is now making coveted NFTs more accessible to a new generation of collectors everywhere.”
OneOf claims to be a “green” NFT platform that uses energy efficient blockchain technology. The cryptocurrency mining process can use a large amount of energy, in some cases as much energy as entire countries. OneOf, which uses a “proof-of-stake” blockchain network, claims to use it more than 2 million times less power than what are known as “proof-of-work” networks. Additionally, the company, which to date has focused primarily on the music business, says that more than 80% of the collections featured on its platform come from minority creators and female-led projects.
“Our software and eBay software will be integrated to provide a super easy NFT shopping experience for the consumer,” OneOf CEO Lin Dai told CNBC last weekend. at Gary Vaynerchuk’s “VeeCon” — a four-day NFT and Web3 conference organized in Minneapolis. “Our goal is to attract the next 100 million [currently] non-crypto users and I think this partnership helps us do that.”
About a third of eBay’s total customer base uses the mobile shopping app each month, making it the third most popular shopping app in the US after Amazon and walmart.
Throughout the rest of the year, OneOf plans to launch additional NFT series in partnership with eBay featuring iconic athletes and “reinterpreting iconic Sports Illustrated covers in the Web3 era.”
The company says each NFT is “priced for the everyday fan” starting at $10 each.
During the recent boom in collectibles, Gretzky trading cards have set records for hockey memorabilia, with a rookie card sells for $3.75 million in 2021. In 2020, another Gretzky card became the first hockey card to sell for more than $1 million.
NFT collections have seen a significant drop in value this month. Some of the most prominent collections, such as Bored Ape Yacht Club and Crypto Punks, saw prices drop by 28% and 32%, respectively. according to CREBACO research.
Meanwhile, cryptocurrency, the asset class that powers every NFT purchase on the blockchain network, has seen a downturn. Ethereum price has recently traded up 60% from its 2021 high, while bitcoin it hit its lowest level since December 2020 last week, below $26,000.