eBay, a giant in e-commerce, is pursuing to acquire some position in the NFT sector although the interest in the respective field is plummeting day by day as the cumulative sales around the globe are contracting in the market of cryptocurrency. As per a press release published on Monday, the non-fungible token (NFT) collection of eBay, Genesis, is to present animated as well as 3D illustrations of prominent athletes picked up from the covers of Sports Illustrated during the previous years.
eBay moves ahead with NFTs while putting aside the market fall
The e-commerce venue has carried out a collaboration with OneOf (an NFT venue that promotes support for non-fungible tokens throughout several energy-effective blockchains). The initial in the partnered-up collection will present Wayne Gretzky (a hockey legend from Canada) showing his career signature steps on the ice. It was ambiguous for some time which among OneOf or eBay had obtained the rights to offer the Sports Illustrated’s pictures.
The platforms are endeavoring to do their best by providing their customers with trendy technology in the form of blockchain-based collectibles. The present series takes into account 13 digital collectibles with limited editions dealing with a tier-based system, comprising 299 separate non-fungible tokens within the diamond platinum, gold, and green tiers. More drops of the sport stars-related NFT collections, focusing on the exciting Sports Illustrated covers are to occur during the coming time within the present year.
NFT market scenario
Notwithstanding the interest taken by the top participants in online sales, operations in the market of non-fungible tokens have shaken in parallel to the plunging prices across the wider crypto market. As per the 1st quarter of this year, the market reports published by NonFungible (a data provider) the cumulative number of active addresses related to the digital collectibles, the exchange volume, as well as the sales volume have witnessed a gradual decline since their peak in January.
The cumulative number of sales starting on 15th May was nearly 25,518, as per the data. However, that has fallen to approximately 23,117 up till now. In September the position of weekly average was around 225,000 in terms of individual sales. A fall of such an extent can potentially be associated with the perception of several holders of NFTs that they could not make sufficient profits from their trades within the secondary market.