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Online marketplace for secondary sales eBay officially announced the launch of its first nonfungible token (NFT)

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Indrani bose Follow

INDIA

May, 27 2022

May, 27 2022

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an online marketplace popular for secondary sales E-commerce giant eBay officially announced about the launch of its first nonfungible token (NFT) which are a series of tokenized collectibles featuring National Hockey League legend Wayne Gretzky that went live on 23rd May.

eBay will sell non-fungible tokens (NFTs) through a partnership with an environmentally focused NFT platform specializing in selling music, sports and lifestyle digital assets, one of. To provide sustainable NFT collections, the company supports multiple "energy-efficient blockchains."

NFT collection of eBay will include digital collectibles of popular athletes like Wayne Gretzky, who is a Canadian ice hockey player. Animated versions of Gretzky is being depicted through NFT collection that were inspired by Sports Illustrated magazine covers. Green, gold, platinum, and diamond are the four different tiers of rarity of the NFTs which each athlete will have. There will be 199 editions of gold, 99 editions of platinum and 15 editions of diamond. The green tier be the cheapest NFTs which is starting at $10. These NFTs were created on Polygon, a scaling platform for Ethereum, and they can be secondary traded on OneOf.

The company appears to be releasing its first NFT for the first time. In a statement eBay Vice President of Collectibles, Electronics and Home Dawn Block said “Through our partnership with OneOf, eBay is now making coveted NFTs more accessible to a new generation of collectors everywhere,”. He further added, the company team is commitment to deliver high passion, high value items to the eBay community of buyers and sellers. The firm has plans to launch more NFT collections throughout 2022 which will be of high-profile athletes.

Now the collection are available for sale on eBay’s marketplace. The limited-edition diamond, platinum and gold tiers worth $1,500, $100 and $25, respectively, have already sold out. A proof-of-stake consensus system is used by both Tezos and Polygon blockchains, so OneOf runs on both.

Since mid-2021 around month of May eBay officially supported NFTs by enabling NFT listings. But blockchain tech integration was not done to support the sales on its marketplace. Users are sent a redemption link through in-platform messaging or email to receive their NFT outside of the platform.

OneOf CEO Lin Dai supported same thing saying the duo is looking to make NFTs accessible to people that aren’t well versed in crypto. He said “OneOf and eBay are bringing transformative Web3 technology to the next 100M non-crypto-native mass consumers.”


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Indrani bose

CBW - External Analyst

INDIA

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