Global e-commerce platform EBay acquires UK-based NFT marketplace KnownOrigin

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INDIA

Jun, 24 2022

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Global e-commerce platform EBay and KnownOrigin announced in a joint statement that e-commerce platform has acquired the UK-based NFT marketplace KnownOrigin for an undisclosed sum in a bid to further its efforts in the digital collectible arena. The deal's financial terms are not being revealed.

Following eBay's announcement of launching a series of exclusive hockey themed NFT collection through a strategic partnership with Web 3 company OneOf, a green NFT platform for communities in music, sports, and lifestyle, this acquisition comes on the heels of eBay's announcement of a series of exclusive NFTs. David Moore, co-founder of KnownOrigin added that the eBay partnership would pull a new wave of NFT creators and collectors.

eBay’s CEO Jamie Iannone said in the statement the an impressive, passionate and loyal group of artists and collectors are being built up by KnownOrigin. This is making them a perfect addition to our community of sellers and buyers.

According to eBay CEO Jamie Iannone, with this acquisition, eBay will be a leading site as more and more people add digital collectibles to their collections, and people across the globe turn to eBay for that perfect, hard-to-find, or unique item. In the course of its technology-led reimagination, eBay has improved its technology, performance, and customer experience, including tools that make it easier than ever for customers to discover, sell, and buy items.

Since April Amazon has already been exploring with the idea, hence eBay's move into NFT sales could be viewed as a defensive measure. Last year eBay facilitated over $87 billion in gross merchandise volume. The company behind decentralized exchange Uniswap, Uniswap Labs, announced that it was acquiring NFT aggregation platform Genie. The largest NFT marketplace, OpenSea, acquired NFT aggregator Gem in April.

About KnownOrigin :

In 2018 in Manchester, KnownOrigin is one of the first NFT marketplaces, and has generated $7.8 million in sales since its launch, according to DappRadar data, a company that tracks data on crypto-based applications. KnownOrigin is a UK-based blockchain-powered platform allowing artists and collectors to create, buy and sell non-fungible tokens (NFT) artwork tokens. It is a platform where creators and collectors can showcase, sell, and collect unique, authenticated digital items said David Moore, co-founder of KnownOrigin. It is based on the Ethereum blockchain and allows artists to mint NFTs too.

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