eBay has just launched its first ever NFT collection despite the market taking a recent 92% decline. The company will be releasing its "Genesis" collection in partnership with OneOf, a web3 platform.
eBay NFT Collection Launching Wayne Gretzky Collectibles
As per eBay's announcement, the collection will feature iconic athletes on the cover of Sports Illustrated 3D and animated interpretations. The company says that what led to their first-ever collaboration was the increase in demand for the collectibles market.
eBay's first NFT collection, according to the story by Tech Crunch, will be featuring Wayne Gretzky, the Canadian hockey player. The collection will include different tiers including 13 limited-edition digital collectibles.
eBay Parters with web3 Company OneOf to Launch NFT Collection
The NFT collection will include green, gold, platinum, and a diamond-tier. The collection will start at $10 for Gretzky's 3D rendering or animation collectible showing his "signature move on the ice."
eBay plans to roll out more collections throughout the year with even more athletes involved. The vice president of eBay's collectibles, electronics, and home, Dawn Block said that through eBay's partnership with OneOf, they will be able to make "NFTs more accessible to a new generation of collectors everywhere."
Company Announced Plans to Enter Blockchain-Driven Collectibles
Block noted that eBay's move to release an NFT collection will help them build on their commitments to "deliver high-passion, high-value items" towards buyers and sellers within the eBay community.
Tech Crunch noted that eBay's decision to launch an NFT collection isn't really that surprising. This is because the company previously announced they were going to embrace NFTs and bring new blockchain-driven collectibles to its online platform.
Daily Average Sales Dropped from 225,000 to 19,000
While eBay's online shopping sector already has a significant presence, the company still has to compete with other NFT marketplaces out there if they still want to expand in the digital collectibles space.
During the start of May, an article by The Wall Street Journal reported that NFT sales dropped down to a daily average of just 19,000 sales a week. This was a drop in daily average sales of nonfungible tokens from its previous peak of 225,000 in september.
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Active Wallets in NFT Market Dropped from 119,000 to Just 14,000
The reports said that there was a 92% decline from its current daily average compared to its peak daily average. Even the number of active wallets reportedly fell by a whopping 88% dropping from a 119,000 high in November down to just 14,000.
The NFT market isn't the only market that has dropped. Aside from nonfungible tokens, Bitcoin reportedly fell by 43% with the NASDAQ falling 23% during the time of the report.
eBay's collection comes at a time that the number of active wallets and daily average sales dropped by a significant amount.
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Written by Urian B.
