eBay launches ‘Genesis’ NFT series amid waning market interest

  • The first of its ‘Genesis’ NFT series will feature a 3D rendition of Canadian hockey legend Wayne Gretzky
  • eBay leverages NFT platform OneOf to offer its ‘eco-conscious’ Web3 tech track

E-commerce giant eBay is hoping to make a splash in the NFT game despite declining interest represented by total global sales and a shrinking cryptocurrency market.

According to a Monday press release, eBay’s “Genesis” series of non-fungible tokens will feature 3D and animated interpretations of iconic athletes photographed from Sports Illustrated covers over the years.

The e-commerce platform has partnered with OneOf, an NFT platform touting NFT support across multiple “energy-efficient” blockchains. The first installment in the collaborative series will feature Canadian hockey legend Wayne Gretzky performing his signature move on the ice.

It is unclear whether eBay or OneOf have acquired the rights to repurpose the Sports Illustrated imagery. Spokespeople for both parties did not immediately respond to requests for comment.

These companies are trying to do all the right things by offering their touted green-centric fashion technology to a consumer base that is clearly still hungry for blockchain-based collectibles.

this Current Favorites Includes 13 “Limited Edition” digital collectibles related to a tier-based system containing 299 individual NFTs in green, gold, platinum, and diamond tiers.

OneOf’s series of Sports Legends NFTs will be repurposed for the iconic Sports Illustrated cover in partnership with eBay for the rest of the year, the companies said.

eBay’s foray into the NFT market comes on the heels of its biggest rival Amazon and its CEO Andy Jassy told CNBC last month that he envisions a “possible“The future of platforms selling NFTs.

NFT Who cares?

Despite the interest from the online sales giant, activity in the NFT market has swayed as prices fell across the cryptocurrency market.

According to Q1 2022 quarter NFT market report According to data provider NonFungible, the sales, exchanges and total active addresses of digital collectibles have been Steady decline since peaking in January.

In fact, figures show that total sales starting on May 15 were around 25,518 units. That number has since dropped to about 23,117, according to reports. The latest data Witnessed for a week. In September, weekly sales averaged about 225,000 units.

This magnitude of decline may be attributable to many NFT holders realizing that their expected returns from secondary market sales have not materialized as previously hoped.

Nonetheless, OneOf and eBay remain steadfast, and their partnership will lead to “the next 100 million non-crypto-native mass consumers,” according to NFT platform CEO Lin Dai.

“NFTs and blockchain technology are revolutionizing the collectibles space and are increasingly seen as investment opportunities for hobbyists,” said Dawn Block, vice president of collectibles, electronics and home at eBay. “Through our partnership with OneOf, eBay is now making coveted NFTs more accessible to a new generation of collectors around the world.”

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  • Sebastian Sinclair

    block factory

    Senior Correspondent at Channel News Asia

    Sebastian Sinclair is a senior journalist for Blockworks operations in Southeast Asia. He has experience covering the crypto market and certain developments affecting the industry, including regulatory, commercial and M&A. He currently has no cryptocurrency.Contact Sebastian by email [email protected]