eBay acquires NFT Marketplace, KnownOrigin
eBay acquires NFT Marketplace, KnownOrigin
A global commerce leader, has acquired NFT Marketplace KnownOrigin for an undisclosed amount. KnownOrigin is an innovative Non-fungible Token (NFT) marketplace where users can create NFTs or buy and sell them.
According to the Press Release, the companies have signed and closed the deal on June 22nd. They also disclosed that the acquisition is of the entire company, including the team and IP. Hence the founders of KnownOrigin, Andy Gray, David Moore and James Morgan are joining eBay.
KnownOrigin is one of the most renowned NFT marketplace. Their goal is to empower artists/creators with a platform to showcase and sell their work securely. KnownOrigin works in decentralized way through utilizing Ethereum blockchain. It is currently ranked number 12 on all time trading volume for Ethereum backed NFTs, according to DappRadar.
NFT sales on eBay
eBay entered the NFT space last year by allowing NFT sales on its website. Although the commerce giant has added NFTs to the list there were still drawbacks and limitations. Users can sell a maximum $10000 NFT through a buy-now model only, no bidding or best offer option. And the biggest limitation was global connectivity. To buy/sell NFTs, users should be in the same country. Therefore, through acquiring KnownOrigin, eBay would now have leading technology to empower a new wave of creators.
This acquisition is an important step for eBay’s tech-led reimagination to enter the new era of digital collectibles. Jamie Iannone, CEO of eBay said that, “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.” According to Jamie, KnownOrigin has an impressive group of users that would make a perfect addition to our community.
David Moore, one of the co-founders of KnownOrigin said that it is a perfect time for them to partner with a company that has the reach & experience. Interest in NFT is growing and despite some claims of slowdown, NFTs are again on the rise. Last week, Uniswap outperformed Ethereum in average daily fees earned. Companies worldwide are entering the digital collectables ecosystem. Therefore, it is the best time for eBay and KnownOrigin to combine their reach, user-base and technology to provide a unique experience to creators and buyers and sellers.
