Online marketplace eBay makes its initial foray into the NFT scene by putting up its first collection on ethereum’s scaling solution Polygon.

Launched as part of a collaboration with sustainable NFT hub OneOf, the collection is titled Genesis and features a series of 3D-rendered and animated covers of renowned sports magazine Sports Illustrated. The OneOf marketplace is the official reseller for the said collection.

It’s Still Wayne’s World

On May 23rd, eBay released the first batch of NFTs under the Genesis collection.

This first batch is made up of a series of Sports Illustrated covers featuring record-breaking Canadian ice hockey legend Wayne Gretzky. The series essentially covers four decades of the athlete’s illustrious career in the rink.

According to Gretzky, his first SI cover was photographed 40 years ago and it marked one of the most momentous times in his life. He expressed that he felt honored that eBay revisited this moment through its release as an NFT.

eBay’s first Genesis drop includes thirteen limited edition NFT packs distributed through a four-tiered system marked as green, old, platinium, and diamond. Along with common pieces, a number of rarities are also included.

The starting price for each pack has been set at $10 – and this, in itself, has raised eyebrows among cryptocurrency, blockchain, and NFT enthusiasts.

NFTs with a Difference

In practice, most NFTs are sold in exchange for cryptocurrencies, either Ethereum or Bitcoin. But eBay is taking a different approach, as it’s auctioning off pieces from the collection for US dollars.

Likewise, none of the sales are conducted on chain. Instead, these are done via eBay’s Web2 platform. Purchases are then delivered to customers through redemption links sent to their registered email addresses or via online chat.

eBay’s vice-president for collectibles, electronics, and home accents Dawn Block believes that the company’s move is making these highly coveted tokens more accessible to younger collectors throughout the globe. Indeed, she opines that blockchain technology has changed the face of the collectibles industry through the introduction of NFTs which are now seen as another venue for investment. 

Block further added that eBay’s launch into the NFT scene reflects its continuing commitment to deliver high-value items to its community of buyers and sellers with the utmost commitment to service.

As of press time, eight of eBay’s fifteen diamond-tier Genesis NFTs have already been sold and enthusiasts are looking forward to the hub’s next drop.