The Non-Fungible Token (NFT) marketplace Knownorigin has been bought by the e-commerce and online auction giant eBay. The purchase, according to eBay, is “an important milestone in Ebay’s tech-led reimagination.”
The action comes a month after eBay announced its collaboration with Tezos and Polygon-based NFT platform OneOf to launch its first collection of NFTs. OneOf is a green NFT platform for communities in music, sports, and leisure.
What’s KnownOrigin?
Through Blockchain-supported transactions, KnownOrigin, a Manchester-based startup, enables artists and collectors to produce, buy, and resell NFTs.
Since its inception, KnownOrigin has facilitated an entire NFT trading volume of $7.8 million at an average price of $353.51, according to DappRadar, a startup that collects statistics on crypto-based applications.
What do the CEOs Have to Say?
“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,” said Jamie Iannone, CEO of eBay.
“We founded KnownOrigin to empower creators and collectors by giving them the ability to showcase, sell, and collect unique, authenticated digital items,” said David Moore, co-founder, KnownOrigin.
Final words
Despite a substantial internet presence, eBay will have its job cut out for competing with the many existing crypto-native NFT markets. However, the company’s acquisition of KnownOrigin shows that it is seriously considering NFTs.
Key Highlights
- The Manchester-based NFT marketplace for visual art, KnownOrigin, was acquired by eBay.
- As part of the deal, eBay will hire the co-founders and staff of KnownOrigin and purchase all of its intellectual property.
- Since May 2021, the business has been steadily incorporating NFTs; this month, it debuted its collection on Polygon.
