eBay Launches ‘Genesis’ NFT Collection Amid Fading Market Interest

  • The first in his NFT “Genesis” collection will feature 3D renderings of Canadian hockey legend Wayne Gretzky
  • eBay leveraged the OneOf NFT platform to provide its “environmentally conscious” Web3 tech rails

E-commerce giant eBay is looking to get some skin in the NFT game despite declining interest represented by overall global sales and a shrinking crypto market.

According to a press release on Monday, eBay’s “Genesis” non-fungible token collection will feature 3D and animated renditions of iconic athletes taken from the covers of Sports Illustrated over the years.

The e-commerce platform has partnered with OneOf, an NFT platform that offers support for NFTs on multiple “energy efficient” blockchains. First in the collaborative series will feature Canadian hockey legend Wayne Gretzky performing signature moves from his career on the ice.

OneOf confirmed with Blockworks that it has obtained the rights to reuse the Sports Illustrated images and offer them as digital collectibles.

Both companies are trying to hit all the right notes by providing their touted eco-focused fashion technology to a consumer base that is apparently still hungry for blockchain-based collectibles.

The current collection includes thirteen “limited edition” digital collectibles pertaining to a tier-based system, containing 299 separate NFTs within the green, gold, platinum, and diamond tiers.

Additional releases of OneOf’s sports legends NFT series, reusing iconic covers from Sports Illustrated, will take place throughout the rest of the year in partnership with eBay, the companies said.

eBay’s foray into the NFT market comes shortly after its biggest rival, Amazon, and its CEO Andy Jassy told CNBC last month that he envisioned a “possible” future in which the platform sold NFT.

NFT Who cares?

Despite interest from online retail giants, activity in the NFT market has faltered along with falling prices across the broader crypto market.

According to data provider NonFungible’s Q1 2022 NFT Quarterly Market Report, sales volume, trading volume, and the total number of active addresses with digital collectibles has been steadily declining since its peak in January.

In fact, the total number of sales as of May 15 was around 25,518, the data shows. Since then, it has dropped to around 23,117, according to the latest figures seen over a weekly period. In September, the weekly average stood at around 225,000 individual sales.

It is likely that a drop of this magnitude can be attributed to many NFT holders realizing that their anticipated returns from secondary market sales are not performing as previously expected.

Still, both OneOf and eBay are adamant about their partnership that will lead to the “next 100 million non-native mass consumers of cryptocurrencies,” according to NFT platform CEO Lin Dai.

“NFT 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.”


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  • Sebastian Sinclair

    blocks

    Senior Reporter, Asia News Desk

    Sebastian Sinclair is a senior news reporter for Blockworks operating in Southeast Asia. He has experience covering the crypto market as well as certain developments impacting the industry, including regulation, business deals, and mergers and acquisitions. He currently has no cryptocurrencies. Contact Sebastian by email at [email protected]

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