The global e-commerce platform eBay has acquired the NFT marketplace KnownOrigin for an undisclosed sum. This acquisition aims to bring more creators and collectors into the space by combining the marketplace’s technical innovation with eBay’s brand and community.
Although the terms of the acquisition were not disclosed, it is an important step in the eCommerce giant’s tech-led reimagination as a destination for digital collectibles.
eBay allowing the buying and selling of NFTs in May 2021 exemplifies its vision for Web3 to improve its operations.
Jamie Lannone, 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.”
In May, the e-commerce behemoth unveiled its “Genesis” NFT Collection in collaboration with OneOf, a green NFT platform, to commemorate Gretzky’s Sports Illustrated cover.
Andy Gray, David Moore, and James Morgan co-founded KnownOrigin in 2018. All three co-founders have joined eBay. The platform allows artists and collectors to create, buy, and sell NFTs.
The NFT marketplace tweeted that eBay impressed them during their meetings with their eagerness to learn, embrace, and immerse themselves in Web3.
Moore reiterated, stating that this partnership will help attract a new wave of NFT creators and collectors, “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.”
This is the latest acquisition in the NFT marketplace after the NFT marketplace aggregator, Genie, was purchased by DEX Uniswap Labs.
