eBay acquires NFT marketplace KnownOrigin

23-Jun-2022

The deal sees the online e-commerce giant move further into Web 3.0 and bring digital art into the mainstream

Prior to the KnownOrigin deal, eBay first started selling NFTs in 2021

Prior to the KnownOrigin deal, eBay first started selling NFTs in 2021

eBay has acquired British NFT marketplace KnownOrigin for an undisclosed sum.

Founded in 2018, the Manchester-based company enables artists and collectors to create, buy and resell digital art using Ethereum blockchain.

The deal marks a major move for the online e-commerce giant into Web 3.0, after it first enabled the sale of NFTs on its website in May 2021.

Last month, it launched its first collection of NFTs with OneOf, a digital art platform that claims to be a 'green' alternative to marketplace rivals.

The now sold out collection sold at US$10 each and featured ice hockey player Wayne Gretzky.

eBay described KnownOrigins' impact on non-fungible tokens as revolutionary.

CEO of eBay, Jamie Iannone, 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."

The acquisition is a signal of NFTs moving into the mainstream.

KnownOrigin co-founder, David Moore, added: "With more than 25 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.

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"This partnership will help us attract a new wave of NFT creators and collectors.”

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