EBay enters NFT business with the help of hockey legend Wayne Gretzky

EBay enters NFT business with the help of hockey legend Wayne Gretzky

eBay headquarters are in San Jose, California.

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EBay joins the NFTs – with the help of hockey legend Wayne Gretzky.

The company announced Monday that it will be releasing 13 limited edition digital collectibles in partnership with Web3 platform OneOf, each featuring a 3D animated show of Gretzky performing 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. These unique items can be artwork or sports business cards. Each NFT is unique and cannot be replicated and accumulates value independently, storing them in digital wallets as collectors’ items.

“Forty years ago, I was grateful to be on the cover of Sports Illustrated, it was a historic moment in
“I am honored to offer this collectible experience to the hockey fans who have followed my career for decades,” Gretzky said in a statement.

Canadian professional hockey player Wayne Gretzky of the Edmonton Oilers plays on ice in an away game during the junior season, 1979-80. (Photo by Bruce Bennett Studios via Getty Images Studios/Getty Images)

B Bennett | Bruce Bennett | Getty Images

There are 142 million eBay buyers worldwide. It’s the second largest player – though second only to Amazon – in e-commerce. Electronics and accessories are the most popular category of the company, which attracts the younger category of consumers. Earlier this month, eBay bought a 25% stake, worth $263 million, in toy maker Funko along with a consortium that includes former Disney CEO Bob Iger, sports agent Rich Paul, and the Chernin Group.

“NFT and blockchain technologies are revolutionizing the collectibles space, and are increasingly being seen as an investment opportunity for enthusiasts,” said Dawn Block, Vice President of Collectibles, Electronics and Home at eBay. “Through our partnership with OneOf, eBay is now working to make coveted NFTs accessible to a new generation of collectors everywhere.”

OneOf claims to be a “green” NFT platform that uses energy-efficient blockchain technology. Cryptocurrency mining can use a large amount of energy, and in some cases the same amount of energy as entire countries. OneOf, which uses a “Proof of Stake” blockchain network, claims that it uses more than two million times less power than so-called “Proof of Work” networks. Additionally, the company — which has so far focused primarily on the music business — says that more than 80% of the groups featured on its platform come from minority content creators and women-led projects.

“Our software and eBay software will be combined to provide consumers with a super-easy NFT buying experience,” OneOf CEO Lynn Day told CNBC this past weekend at Gary Vaynerchuk’s “VeeCon” conference — an NFT and Web3 conference hosted in Minneapolis. “Our goal is to achieve 100 million followers [currently] We are not 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.

For the remainder of the year, OneOf plans to drop additional NFT series in partnership with eBay featuring iconic athletes and “reinterpret the covers of popular Sports Illustrated in the Web3 era.”

The company says each NFT is “daily fan priced” starting at $10 each.

During the recent collectibles boom, Gretzky trading cards set records for hockey memorabilia, with the junior card selling for $3.75 million in 2021. In 2020, another Gretzky card became the first hockey card to sell for more than $1 million.

NFT pools have seen a significant decline in value this month. Some of the more popular groups, such as Bored Ape Yacht Club and Crypto Punks, have seen prices drop by 28% and 32%, respectively, according to CREBACO research.

Meanwhile, cryptocurrency – the asset class that fuels every NFT purchase on the blockchain network – has experienced a contraction. The price of Ethereum recently fell by up to 60% from its peak in 2021, while the price of Bitcoin reached its lowest level since December 2020 last week, below $26,000.

2022-05-23 13:16:27

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