eBay, an American e-commerce company with headquarters in California, has announced a plan to buy UK-based NFT Marketplace KnownOrigin. By utilizing eBay’s reputation, the agreement aims to introduce the idea of NFTs to a wider audience.
With the acquisition of KnownOrigin, eBay pushes closer to the cryptocurrency industry.
According to a press statement, the acquisition agreement between eBay and KnownOrigin was signed and completed as of June 21, 2022. Other information was concealed, such as the purchase price and the time frame for the conversation.By acquiring KnownOrigin, eBay comes closer to the realm of virtual assets and strengthens its position in the online world at a time when interest in cryptocurrencies is skyrocketing.
eBay’s CEO, Jamie Iannone, stated that with this agreement, eBay hopes to maintain its position as a “leading site” for the purchase of collectibles. “KnownOrigin is a fantastic addition to our community of sellers and buyers because they have amassed an amazing, ardent, and devoted group of artists and collectors. We are excited to welcome these pioneers as they become a part of the eBay community, added Iannone.
Periodically, eBay has expressed interest in the cryptocurrency market. The e-commerce startup began enabling its users to exchange NFTs for collectibles like photos and videos in May 2021. The company’s CEO, Janie Iannone, announced early this year that it might eventually incorporate cryptocurrency payments on its platform.
One of the first NFT markets in the world is KnownOrigin.
With the purchase of one of the first NFT marketplaces, eBay draws even closer to its stated objective of capitalizing on the cryptocurrency mania. David Moore, a co-founder of KnownOrigin, pointed out that given the rising interest in NFTs, the collaboration with a renowned business like eBay is timely.David Moore, Andy Gray, and James Morgan officially unveiled KnownOrigin in 2018. “To bring the technology and art communities together and demonstrate the possibilities of Blockchain in the art world,” was the stated objective. That objective appears to be on the verge of being accomplished four years later.
The marketplace, which was created on the Ethereum blockchain, raised $4.85 million in a Series A funding round earlier this year. Sanctor Capital and Genesis Block Ventures, two cryptocurrency investment businesses, contributed to the funding.
