eBay said that it would acquire KnownOrigin, an NFT marketplace located in Manchester. The details of the transaction were not revealed. eBay reports that the firms have signed and finalized the agreement as of June 22.
Andy Gray, David Moore, and James Morgan created KnownOrigin in 2018. Three eBay co-founders are joining the company. The platform allows artists and collectors to create, purchase, and resell non-fungible tokens. eBay has announced that it is purchasing the whole firm, including its intellectual property and personnel.
“eBay is the first destination for individuals seeking that ideal, hard-to-find, or one-of-a-kind addition to their collection,” said eBay CEO Jamie Iannone in a statement. “With this purchase, we will continue a leading site as our community adds more digital treasures.” “KnownOrigin has amassed a remarkable, passionate, and devoted network of artists and collectors, making them an ideal addition to our seller and buyer community. We are excited to welcome these innovators into the eBay community.
The transaction comes one month after eBay and web3 platform OneOf debuted their first collection of NFTs. The new “Genesis” NFT Collection from the brand will showcase 3D and animated renditions of the legendary sportsmen who have appeared on Sports Illustrated covers throughout the years. eBay claims that the increase in the collectibles market prompted its first partnership in the NFT field.
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Even while eBay has a substantial presence in online commerce, the corporation will face intense competition from hundreds of crypto-native NFT marketplaces currently in existence. However, the company’s purchase of KnownOrigin implies that it is taking NFTs seriously.
David Moore, a co-founder of KnownOrigin, said in a statement, “We developed KnownOrigin to empower artists and collectors by offering them the capacity to promote, sell, and acquire unique, certified digital artifacts.” “As interest in NFTs continues to increase, we feel that now is the ideal moment for us to join a firm with eBay’s reach and expertise. With over twenty-five years of experience creating comparable communities of enthusiastic people, we are thrilled by the chance to bring a whole new audience along on this adventure. This is the beginning of a new era for KnownOrigin, and we couldn’t have picked a better moment to concentrate on expanding and creating alongside the eBay team. This collaboration will assist us in attracting a new breed of NFT artists and collectors.”
eBay asserts that NFTs are a big development area for their company. The company’s most recent purchase strengthens its position in the blockchain technology and digital collectibles markets.
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