eBay has linked up with the OneOf so that it can reach the lucrative collectibles market. This will allow eBay users to buy and sell high priced collectibles and rare items. This will put eBay in direct competition with Amazon who already have a collectibles marketplace.
EBAY’s first NFT collection, Genesis, is going to feature 3D and animated interpretations of the iconic athletes who got featured on Sports Illustrated covers over the years. Moreover, the collection consists of 13 limited-edition digital collectibles as green, gold, platinum and diamond tier NFTs.
With this latest move, EBAY aims to provide an enhanced experience to NFT enthusiasts, which will encourage them to buy or sell high value items.
The More Initiatives the Merrier
The latest partnership with OneOf bodes well for EBAY’s growing efforts in the collectibles space.
Further, eBay is consistently taking new initiatives to gain momentum among the millennials and the Gen Z, which remain noteworthy.
eBay joined forces with the largest trading card authentication and grading company Professional Sports Authenticator, and CGC and CSG, which are part of the Certified Collectibles Group, the world’s leading provider of expert, impartial and tech-enabled services that add value and liquidity to collectibles. Per the terms of this collaboration, eBay provides an ‘Authenticity Guarantee’ service, which helps collectors securely purchase cards.
It is also worth mentioning that the company released Price Guide and Collection tools for trading cards. With the new features, enthusiasts can view, manage and track the value of their trading card portfolios in a single place.
Further, EBAY is about to launch the eBay vault to help collectors with secure storage facility and seamless transactions.
Strategic Moves a Key Lever
The above-mentioned initiatives are likely to help eBay penetrate the NFT market quickly, which is significantly growing owing to increasing demand for digital artworks and the growing usage of blockchain technology.
Per a Technavio report, the NFT market is expected to reach $147.24 billion by 2026, witnessing a CAGR of 35.3% between 2021 and 2026.
EBAY with these efforts, expanded its reach in the booming collectibles market, wherein growth is attributed to the rising online sale of antiques and collectibles, and the expanding e-commerce platforms catering to the collectibles trade.
According to a Market Decipher report, the global collectibles market is likely to touch $628 billion by 2031, seeing a CAGR of 6.2% during the 2021-2031 period.
The same report states that the sports collectibles hold a market size of $4.14 billion. It is further expected to witness a CAGR of 9.7% from 2022 to 2031. Thus, the recent partnership with OneOf will aid eBay in capitalizing on the sports collectibles market.
However, eBay faces stiff competition from Amazon AMZN in the collectibles space. Shoppers can access the Amazon platform to buy collectibles and artworks from a wide variety of prints & posters, figurines, clothing & uniforms, photographs and more.
Further, collectors can shop trading cards and memorabilia, including autographed photos, jerseys, balls, helmets, et al. Additionally, AMZN is consistently investing in the sports-card marketplace Dibbs to gain momentum from the collectibles market.
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