EBay Acquires NFT Marketplace KnownOrigin

Key Takeaways

  • By acquiring the U.K.-based non-fungible token (NFT) marketplace KnownOrigin, e-commerce giant eBay (EBAY) has expanded its foray into digital collectibles.
  • The acquisition’s terms were not  made public.
  • With this acquisition, eBay’s CEO is confident that the site will continue to be a top destination as their community continues to add more digital collectibles.

Ebay Inc. has procured KnownOrigin, a non-fungible token marketplace, expanding the e-commerce company’s foray into blockchain technology and digital collectibles and trinkets.

Both companies said the agreement was signed and officially closed on Wednesday, but neither disclosed any additional information about the transaction, such as the purchase price.

Utilising technology and platform of KnownOrigin, artists can create actual, one-of-a-kind unique digital artefacts known as NFTs.

With this acquisition, one of the top online marketplaces for collectibles will usher in a new era of digital collection methods. This represents an important step in eBay’s tech-driven revisitation. KnownOrigin, which was founded in Manchester, UK, in 2018 will help  creators and collectors  to now create, buy, and resell NFTs through blockchain-enabled transactions.

According to co-founder of KnownOrigin David Moore, “as attention in NFTs keeps growing, we genuinely think now is the ideal time for us to collaborate with a company that has the reach and experience of eBay.”

He added that KnownOrigin is a perfect addition to the marketplace for sellers and buyers because it has amassed an impressive, ardent, and devoted group of collectors and artists. “We are excited to welcome these innovators as they join the eBay community,” says the statement.

eBay’s CEO, Jamie Iannone, said:

With this acquisition, eBay will continue to be a top site as more and more members of our clan add digital collectibles. “eBay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection,” the company said.

A tech-driven remake is currently taking place at eBay to improve the company’s technology, performance, and user experience. This includes developing tools that will make it simpler for users to find, sell, and buy anything. In fact, the CEO of eBay made hints about accepting cryptocurrency payments, noting that the platform already allowed users to buy and sell NFTs in May 2021.

Great artists and collectors have found KnownOrigin to be one of the most effective NFT marketplaces. Additionally, it has partnered with well-known businesses like Adidas, Netflix, and Adobe.

In collaboration with the Tezos and Polygon-based NFT platform OneOf, eBay unveiled its first line of NFTs last month. Although its CEO Jamie Iannone had been hinting at the possibility of integrating the technology for months, eBay officially declared its interest in digital collectibles earlier in May.

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Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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