As a popular eCommerce marketplace, eBay has been widening its tentacles with targeted acquisitions within the past year.
American multinational e-commerce company eBay Inc (NASDAQ: EBAY) has entered into a definitive agreement to acquire TCGPlayer, one of the most prominent online marketplaces for the collectibles industry. The transaction is worth as much as $295 million, and it is subject to customary closing conditions which include regulatory approvals.
TCGPlayer has carved out a very important niche for itself in the trading card gaming ecosystem. The startup currently serves connects thousands of hobby stores and online sellers with customers and collectors around the globe. The startup is a perfect gateway for eBay to enter the trading card and collectibles world as it looks to bolster its global footprint.
“eBay continues to build on our 26 years of experience in trading cards, powering local hobby stores and Main Street retailers to deliver an online destination that collectors love,” said Dawn Block, VP of Collectibles at eBay. “eBay has always fueled our customers’ passion in this space and facilitated connections between buyers and sellers, and with TCGplayer, we can enhance the customer experience across categories, forge even more relationships, and cater to enthusiasts around the world.”
While eBay is billed to take complete ownership of TCGPlayer, the trading card marketplace will still operate as an autonomous entity. The eBay influence will help prop up its business to a more global audience.
“This new chapter allows us to continue operating independently within eBay, while also benefiting from their decades of industry experience and resources to deepen the connection between hobbyists and their communities,” said Chedy Hampson, Founder, and CEO of TCGplayer. “With eBay’s support, we will advance our Purpose, and expand our tools and services to improve the collecting experience online and in your favorite local hobby store.”
eBay is very big on expansion, and it has drawn up a very ambitious strategy to embrace the digital collectibles world to bolster business. The choice of TCGPlayer stems from how far the platform has courted its own growth. The startup began its business by working with Syracuse-based hobby stores and has since transformed itself into an expansive eCommerce platform.
TCGPlayer “develops applications, inventory management tools and hardware like robotic sorting machines that are revolutionizing the collectibles industry.”
eBay in the Collectible World
As a popular eCommerce marketplace, eBay has been widening its tentacles with targeted acquisitions within the past year.
As reported earlier by Coinspeaker, the San Jose, California-based firm acquired Non-Fungible Token (NFT) marketplace, KnownOrigin back in June to deepen its feet into the growing Web3.0 ecosystem. KnownOrigin brings a lot of robust networks to eBay as the startup has functional partnerships with global brands including Netflix Inc (NASDAQ: NFLX), Adidas, and Adobe.
Besides KnownOrigin, eBay partnered with OneOf back in May this year to launch its own NFT collection. The drive eBay is making today is helping it position itself for the future of collectibles, NFT, and gaming across the board.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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