It’s taken a few days but the first unlocked iPhones are appearing in the UK.

Yesterday, The Register reported a UK firm was successfully unlocking the iphone to work within the UK and soon plan to release their software for around $50.

John McLaughlin, founder of Uniquephones, told IDG that his software engineers were working “around the clock” in order to bypass Apple’s restriction that ties activation of the iPhone to signing up to a two-year contract with AT&T.

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In an early sign that perhaps the debut of Apple’s (NASDAQ: AAPL) much-anticipated iPhone might not have been as big of a hit as it was cracked up to be, sales of the phone on eBay (NASDAQ: EBAY) have been disappointing for the entrepreneurs who waited in long lines hoping to cash in on the hype. Many sellers are breaking even or even losing money on their attempts to sell the phone on eBay.

But maybe this is actually a good sign. Overwhelming demand leading to huge windfalls for resellers would indicate that Apple was unprepared — After all, Apple gains nothing when its products are resold at huge mark-ups on the secondary market. According to the New York Times:

Demand for the phone was remarkably strong in the first days. Analysts estimate that Apple and AT&T stores have sold around 500,000 phones so far. One analyst ventured a guess as high as 700,000. But Apple appears to have anticipated demand and contracted with manufacturers in Asia to build far more. Apple has said it expects to sell as many as 10 million phones by the end of 2008.

Of course, the adequate supply at the retail level may rob Apple of the hype element of phones being resold on eBay.

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