eBay Just Acquired NFT Marketplace KnownOrigin For Undisclosed Amount

Bishal Kumar Chanda

eBay and KnownOrigin announced in a joint statement this week that the e-commerce giant has acquired the UK-based NFT marketplace. The acquisition will help the company foray further into the world of blockchain technology and digital collectibles.

eBay Expands Its Foray Into NFTs And Blockchain

Since eBay first started selling NFTs on its site in March 2021, it has made considerable headway into the Web3 space. Furthermore, the e-commerce giant launched its own NFT collection in May in partnership with Tezos and Polygon-based NFT platform OneOf. 

In June 2022, eBay announced officially acquiring NFT marketplace KnownOrigin, which has generated over $7.8 million in trading volume since its 2018 launch. The news was made public via the marketplace’s official Twitter account in a series of tweets. 

Referring to its original creator-first vision, KnownOrigin called the acquisition “the start of a new chapter in the KnownOrigin story.” KnownOrigin co-founder David Moore said it would help “attract a new wave of NFT creators and collectors.”

eBay CEO Jamie Iannone believes the acquisition holds true to the site’s original goals from when it first launched. Iannone stated in a press release, “KnownOrigin has built up an impressive, passionate and loyal group of artists and collectors making them a perfect addition to our community of sellers and buyers,”

“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 and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles,” Iannone added.

The move signals eBay’s continued interest in integrating NFTs into its flagship services despite the current bear market. In fact, eBay is one of the first e-commerce sites and is now aiming to become the go-to destination for Gene Z and millennials.

Meanwhile, eBay is not alone in this regard. Gaming retailer GameStop is working on its own NFT marketplace. In addition, Meta CEO Mark Zuckerberg recently shared the roadmap for Facebook and Instagram. 

The Story of KnownOrigin

Founded in 2018, KnownOrigin is a UK-based platform for buying and selling NFT artwork. The NFT marketplace runs on the Ethereum blockchain and allows artists to mint their art as NFTs. 

Moreover, KnownOrigin is one of the first NFT marketplaces, and according to DappRadar, it has a total sales volume of $7.8 million. In February 2022, the NFT marketplace raised $4.3 million in a Series A funding round, co-led by GBV and Sanctor Capital.

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