eBay has finally launched its first NFT collection, but it might be a year too late

E-commerce giant eBay announced the launch of its first non-fungible token (NFT tokens) collection in partnership with hockey legend Wayne Gretzky.

eBay launches the first collection of NFTs

The San Jose, California-based company joined forces with “green” NFT platform OneOf to roll out the collection. The collection will feature 13 different pieces of art dedicated to one of the greatest hockey players of all time. Each one costs up to $1,500.

eBay’s Dawn Block claims that NFT tokens are disrupting the field of collectibles. They were launched at the height of the dot-com boom in the late 1990s. It’s still the second most popular e-commerce platform in the US, but it’s essentially lagging behind its competitor Amazon.

Amazon is rumored to pivot to crypto by the end of 2021, but the company has vehemently denied such plans. Last year, Jamie Iannone, CEO of eBay, confirmed that the company is exploring cryptocurrency payments. eBay first announced that it would allow NFT sales last May. At the time, the entire field was thriving due to the growing interest.

The NFT has not been immune to an overwhelming price drop in the crypto market. Crypto Winter took a massive toll on NFT sales, which plummeted more than 90%.

According to the latest Google Trends data, the search volume for the term “NFT” has plummeted since its peak, showing a waning interest in the field. It remains to be seen whether eBay’s new collection can generate enough interest to prove that the NFT isn’t in fashion.

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