Usually, when a ps3 takes/ejects discs, but isn't reading them, it needs a new laser. You can pick up new lasers for pretty cheap (20-30 USD) on ebay. I would recommend taking it apart and making sure there isn't some other really obvious problem, (there usually isn't) check out which laser your ps3 has and then order a new one.
Alternatively, you can probably get by without a working laser as you hardly even need to use an original bluray game on a jailbroken ps3 anymore. The discless compatibility is really good these days.
All in all it's just another brick in the wall.