eBay acquires NFT marketplace KnownOrigin
eBay has ventured into the the non-fungible tokens (NFT) space with the acquisition of NFT marketplace, KnownOrigin.
The acquisition marks an important step in eBay's "tech-led reimagination", as it employs KnownOrigin's co-founders and team, and acquires its intellectual property.
The web commerce giant said the deal will provide significant upgrades to the company's technology, performance and customer experience, including tools that make it easier than ever to discover, sell or buy anything.
eBay began allowing the buying and selling of NFTs in May 2021, having announced that it would begin NFT integration in 2021 and launching a digital wallet in March 2022. The marketplace also released its own sports NFT collection on Polygon last month.
Founded in 2018, the Manchester-based platform enables artists and collectors to create, buy and resell NFTs via blockchain-support transactions. Since its founding, KnownOrigin has seen significant growth as it has revolutionised the way people create, buy, and sell NFTs.
Jamie Iannone, CEO of eBay said: "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.
"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. We look forward to welcoming these innovators as they join the eBay community."
David Moore, co-founder, KnownOrigin said: "We founded KnownOrigin to empower creators and collectors by giving them the ability to showcase, sell, and collect unique, authenticated digital items. As interest in NFTs continues to grow, we believe now is the perfect time for us to partner with a company that has the reach and experience of eBay.
"With more than twenty-five years building similar communities of passionate individuals, we are excited by the opportunity to bring a whole new audience on this journey. This is the start of a new chapter in the KnownOrigin story and we couldn't choose a better time to focus on building and innovating with the team at eBay. This partnership will help us attract a new wave of NFT creators and collectors."