eBay has acquired NFT company KnownOrigin

by   |  VIEW 410

eBay has acquired NFT company KnownOrigin

According to a press release Wednesday, Manchester-based KnownOrigin was bought for an unknown amount. The company allows artists and collectors to create, purchase and resell NFT through blockchain transactions. KnownOrigin’s co-founder David Moore said in a statement that the company was founded to “empower creators and collectors by giving them the ability to display, sell and collect unique, verified digital items,” adding that: "As interest in NFTs continues to grow, we believe now is the right time to partner with a company that has the reach and experience of eBay."

eBay began allowing users to buy and sell NFTs in May last year, at a time when growing public interest in digital collectibles has resulted in a sharp rise in prices. In May, the e-commerce giant announced its debut NFT collection through a partnership with OneOf, an eco-friendly NFT platform.

eBay CEO Jamie Iannone said: “KnownOrigin has built an impressive, passionate and loyal group of artists and collectors, making them the perfect addition to our community of sellers and buyers. We look forward to welcoming these innovators as they join the eBay community.

” The move signals eBay’s continued interest in using cryptocurrencies and blockchain technology to improve its business. eBay is one of the first e-commerce sites and now aims to become a desirable destination for Generation Z and millennials.

Earlier this year, it was said that the company had been researching the integration of crypto payments for some time. Over the past few months, hundreds of NFT projects have emerged in the cryptocurrency world, seemingly mimicking the multimillion-dollar sales of digital artwork in online markets.

Incorporating NFT into an established market like eBay, with approximately 187 million active customers, has the potential to significantly increase visibility and trading volume.

About KnownOrigin

KnownOrigin is a popular NFT marketplace created in 2018 that has made some exciting steps in the NFT space.

Finally, as eBay takes control of the NFT marketplace, it will be intriguing to see what happens next. "We launched KnownOrigin to empower creators and collectors by allowing them to showcase, sell, and collect unique authenticated digital items,” said David Moore, the co-founder of KnownOrigin.

eBay has had some success with its NFT collection in partnership with OneOf. Moving forward, they hope to bring NFTs to most of their marketplace users.