eBay has announced the acquisition of KnownOrigin, a marketplace supporting non-fungible tokens (NFTs). This acquisition is aimed at helping eBay move into the blockchain world and enable its users to interact with digital collectibles.
eBay acquires KnownOrigin
eBay is one of the largest ecommerce platforms globally. A press release published on Wednesday said that KnownOrigin had been acquired by eBay for an undisclosed amount. eBay is a platform that allows artists and collectors to create, buy and sell NFTs.
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The co-founder of KnownOrigin, David Moore, said that the platform had been created to support creators and collectors by allowing them to “showcase, sell, and collect unique authenticated digital items.”
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“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,” Moore added.
The CEO of eBay, Jamie Iannone, talked about the growth that eBay has achieved by being a traditional online marketplace. Iannone noted that eBay had differentiated itself from others in the market by promoting unique 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,” Iannone added.
eBay’s venture into NFTs
This acquisition aligns with the plans made by eBay to support technological innovation. The company is leveraging crypto and blockchain technology to boost its operations. eBay is one of the oldest ecommerce companies, positioning itself as a go-to marketplace for millennials and Gen Z.
Earlier this year, several reports said eBay was looking to adopt cryptocurrency payments. This is in line with the effort made by several companies to allow their users to adopt cryptocurrency payments. Ecommerce platforms have been pushing for crypto payments to grow their user base.
One of the top use cases for NFTs is digital artwork. Over the past year, there has been a rise in digital artworks in the NFT space, with some collections being traded for millions of dollars. Including NFTs on eBay could help drive up volumes as the platform has around 187 million active users.
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