Online auction site eBay is explicitly targeting ‘non-crypto-native’ users with its first-ever NFT collection.
In a press release issued on Monday, the marketplace says its new collection, created in partnership with OneOf, will make NFTs “more accessible to a new generation of collectors everywhere.”
According to eBay’s press release the collection, which features pro hockey legend Wayne Gretzky, is “driven by the collective goal of maintaining an open marketplace and making high-value collectibles more accessible.”
Launched in June 2021, OneOf is an NFT platform that claims to be ‘green’ thanks to it’s use of the Tezos blockchain, which it says uses 2 million times less energy than proof-of-work networks like Ethereum.
OneOf co-founder Joshua James previously outlined the company’s ethos saying, “we want 16-year-olds to be able to sign up and purchase an NFT in less than three minutes.”
Speaking about the launch, OneOf CEO Lin Dai said: “We are excited to partner with eBay, the largest and most trusted e-commerce platform in the world, to introduce NFTs and the power of the blockchain to eBay’s community of enthusiasts through a dynamic, user-friendly experience.”
“You don’t have to be a crypto expert to buy, sell, and collect NFTs. OneOf and eBay are bringing transformative Web3 technology to the next 100M non-crypto-native mass consumers.”
How will eBay shield users from NFT risks?
Targeting non-crypto-native users is an interesting approach from eBay, particularly considering the dangers inherent in the volatile and scam-ridden world of NFTs.
Research shows that in March of 2021, there was a 300% increase in the number of ‘suspicious’ domains being registered with the phrases ‘NFT’ and ‘trade’. Lawyers specialising in intellectual property have also described the NFT landscape as “one huge mess of theft and fraud and inauthenticity.”
A recent spate of NFT-related scams has also highlighted the risks.
- Hackers were able to swipe nearly $68,000 worth of NBA NFTs just hours after the collection was launched.
- Owners of Bored Ape Yacht Club NFTs have fallen victim to a litany of hacks and big-money scams.
- Even former First Lady Melania Trump was found to have likely wash-traded her own $170k NFT.
Given these levels of risk associated with NFT trading, it remains to be seen exactly what safeguards (if any) eBay plans to put in place to protect vulnerable new collectors.
Protos reached out for more information and we’ll update as and when we hear back.