NFT: eBay buys the NFT marketplace KnownOrigin

eBay today announced the acquisition of KnownOrigin. A marketplace Manchester-based NFT. Financial terms of the transaction have not been disclosed at this time. Nonetheless, eBay says the companies signed and closed the deal on June 22, 2022. KnownOrigin was founded in 2018 by Andy Gray, David Moore, and James Morgan. The three co-founders are now joining eBay. The platform notably allows artists and collectors to create, buy and resell NFTs.

eBay and NFTs, a story that goes back to the Genesis collection

The acquisition comes a month after eBay launched its first collection of NFTs in partnership with Web3.0 platform OneOf. The new NFT collection Genesis from the company offers 3D and animated renditions of the iconic athletes featured on the covers of Sports Illustrated over the years. eBay says the boom in the collectibles market led to this first collaboration in the NFT space.

eBay will have to overcome the NFT transition challenge with help from KnownOrigin

Although eBay has a significant presence in online shopping, the company will have its work cut out to compete with dozens of already existing crypto-native NFT marketplaces. However, his acquisition of KnownOrigin indicates that the company takes NFTs seriously. ” We founded KnownOrigin to empower creators and collectors by giving them the ability to showcase, sell and collect unique and authenticated digital items “said David Moore, co-founder of KnownOrigin, in a press release.

For David Moore, NFTs represent the future of KnownOrigin alongside eBay

The KnownOrigin co-founder also clarified his vision for this partnership with eBay and the future of Web3.0 with NFTs. “As interest in NFTs continues to grow, we believe the time is right for us to partner with a company that has the reach and experience of eBay. With over twenty-five years of building similar communities of passionate individuals, we are thrilled to have the opportunity to bring a whole new audience on this journey. It’s 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. A vital partnership for eBay that will need the skills and capabilities of the KnownOrigin team to meet the NFT challenge.

The CEO of eBay sees this acquisition as a new step for the eBay community and KnownOrigin

eBay is the first stop for people around the world who are looking for that perfect, hard to find or unique addition to their collection and with this acquisition we will continue to be a leading site as our community adds more and more digital collections. “said the CEO of eBay, Jamie Iannone, in a press release. ” 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. » Jamie Iannone, although CEO of one of the largest online sales sites, shows that his interest lies in the acquisition of this marketplace.

Another blockchain startup bought by a Web2.0 giant. This scheme repeated many times now is both logical and advantageous. Indeed, the big companies of this world sometimes have more interest in buying a company specialized in blockchain than in creating a specialized department. Furthermore, these buyouts demonstrate the growing interest in NFTs and blockchain in general. Eventually, these operations will end up helping large companies transition to Web3.0, thanks in particular to NFTs.

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Gregory Morat avatar

Gregory Morat

Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! Yes, I am convinced that the two are intimately linked: blockchain and NFTs are revolutionizing many sectors and presenting unprecedented opportunities.

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NFT: eBay buys the NFT marketplace KnownOrigin

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