Apple Discontinues iPod After Two Decades As Music Gadget Now Sell For Thousands On eBay

Apple announced Tuesday that it is discontinuing the iPod -- one of the most important product lines in the company's history that revolutionized the way the world listened to music. 

"Since its introduction over 20 years ago, iPod has captivated users all over the world who love the ability to take their music with them on the go," Apple said in a statement. 

The release read, "iPod touch will be available while supplies last." 

The first iPod Classic was launched in 2001 and offered in a 5GB hard drive. It stored upwards of 1,000 songs encoded using MP3 and was priced at $399. 

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With scarcity in mind, and the end of an era, people are flooding eBay with iPod Classics listed for as much as $44,995, $23,000, $17,849, $12,500, and $8,795. 

Many other ones are listed between the $5,000 to $2,000 range. 

The iPod's downfall began when the iPhone first debuted in 2007.

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People soon realized the smartphone could do it all, and the need for two devices didn't make sense.