eBay buys the NFT Marketplace KnownOrigin

Today, eBay revealed that it has acquired KnownOrigin. a Manchester-based NFT marketplace. The transaction’s financial details have not yet been made public. Nevertheless, according to eBay, the contracts were signed and concluded on June 22, 2022. 2018 saw the founding of KnownOrigin by Andy Gray, David Moore, and James Morgan. The three co-founders of eBay have now joined. Notably, the platform enables producers, buyers, and sellers of NFTs to be artists and collectors.

A history of eBay and NFTs that dates back to the Genesis collection

One month after launching its initial assortment of NFTs in collaboration with Web3.0 platform OneOf, eBay made the deal. The brand-new NFT Genesis collection from the company comprises 3D and animated representations of the famous sportsmen that have graced the Sports Illustrated covers throughout the years. According to eBay, this first partnership in the NFT sector was motivated by the surge in the collectibles market.

KnownOrigin will assist eBay in overcoming the NFT transition difficulty.

Despite having a substantial online presence, eBay will face stiff competition from dozens of already established crypto-native NFT markets. However, the company’s acquisition of KnownOrigin shows that it is actively considering NFTs. According to co-founder of KnownOrigin David Moore, “We developed KnownOrigin to empower creators and collectors by giving them the capacity to promote, sell, and acquire unique and authorized digital goods.”

NFTs, along with eBay, are David Moore’s vision for the future of KnownOrigin.
The co-founder of KnownOrigin further elaborated on his goals for this collaboration with eBay and the role that NFTs will play in Web3.0. “As interest in NFTs grows, we think the moment is ripe for us to collaborate with a business that has eBay’s scope and expertise. We have spent more than 25 years creating communities of like-minded people, so we are excited to have the chance to include a completely new audience in this adventure. We couldn’t have picked a better time to concentrate on expanding and creating alongside the team at eBay as this marks the beginning of a new chapter in the KnownOrigin journey. We will be able to draw in a new group of NFT makers and collectors thanks to this relationship. A crucial alliance for eBay that will require the expertise and resources of the KnownOrigin team to meet the NFT challenge.

This transaction, according to eBay’s CEO, marks a new step for the KnownOrigin community and eBay.

  • “  eBay is the first stop for people around the world looking for that perfect, hard-to-find or unique addition to their collection and with this acquisition we will continue to be a leading site as our community adds more and more items. of digital collections. said eBay CEO Jamie Iannone in a statement. “  KnownOrigin has built an impressive, passionate and loyal group of artists and collectors, making them a perfect addition to our community of sellers and buyers. We look forward to welcoming these innovators as they join the eBay community. Jamie Iannone, although CEO of one of the largest online sales sites, shows that his interest lies in the acquisition of this marketplace .

A Web2.0 behemoth acquires yet another blockchain startup. This plan, which has been used repeatedly, is both sensible and beneficial. In fact, large corporations may show greater interest in purchasing a blockchain-focused business than in establishing a specialist division. Additionally, these acquisitions show how NFTs and blockchain in general are gaining popularity. Due in large part to NFTs, these operations will ultimately aid in the migration of established businesses to Web3.0.

Stay in the Loop

Get the daily email from Watcher47 that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...