eBay NASDAQ:EBAY
eBay (NASDAQ:EBAY) announced on Monday that it will be purchasing TCGplayer, an online marketplace for collectible trading card games, for up to $295 million. The transaction, which is subject to the usual closing requirements, is anticipated to be completed in the first quarter of 2023. eBay claims that the acquisition strengthens its commitment to trading card fans and also mentioned that the market for trading cards is currently experiencing “significant growth.”
TCGplayer was established in 2008 and has evolved from hobby shops in Syracuse to an online shopping platform. TCGplayer, which has more than 600 employees right now, will carry on operating independently after the takeover.
VP of collectibles at eBay released a statement where he affirmed the company’s 26 years of experience in trading cards, and powering both small hobby stores and their Main Street counterparts in creating an online destination for collectors “eBay has long stoked our customers’ interest in this market and helped buyers and sellers connect, and with TCGplayer, we can improve the customer experience across categories, establish even more connections, and serve aficionados around the world,” he stated.
The acquisition, according to TCGplayer’s creator and CEO Chedy Hampson, will allow the business to take advantage of the e-commerce company’s resources and industry expertise while maintaining its independent status. Hampson stated that he will continue to serve as TCGplayer’s CEO. After the acquisition is completed, he added, the business would continue to have its headquarters in Syracuse.
According to the press announcement, “With eBay’s assistance, we will further our goals and develop our tools and services to enhance the collecting experience both online and at your favorite neighborhood hobby shop.”
Trading card aficionados have long used eBay as a marketplace for buying and selling cards, and the business has recently made efforts to increase its market share. In January, the business added capabilities for certifying priceless trading cards worth at least $750 to its authentication service. Due to the high number of activities in the category on its website, The company claimed to have seen the usefulness in integrating authentication functionality for trading cards at the time. Trading cards experienced $2 billion in transaction volume in the first half of 2021, according to the business, and are expanding “much faster” than the rest of the market. To put it into perspective, that is equivalent to all of the trading card trades that occurred in 2020.
To position the company as a better destination for consumers searching for collectibles, eBay has been tackling rising competition from services such as Facebook Marketplace and other local shopping apps. The recent acquisition shows the proactive view eBay has with trading cards.
Two months have passed since the e-commerce company announced it was buying Manchester-based NFT marketplace KnownOrigin for an unknown sum. Artists and collectors can produce, purchase, and resell NFTs via the platform. According to the business, the team and all of the company’s assets, including intellectual property, will be purchased. In collaboration with web3 platform OneOf, eBay earlier this year unveiled its first line of NFTs.
Featured Image: Megapixl @Liorpt
Author Jowi Kwasu 
