Published on: 23/06/2022

E-commerce giant eBay acquires UK-based NFT marketplace KnownOrigin

Multinational e-commerce giant eBay recently announced the acquisition of KnownOrigin, an Ethereum-based NFT marketplace, for an undisclosed amount of money.

In a statement, eBay said that the acquisition would expand the company’s presence in the NFT and blockchain industry. It also said that the move was in-line with eBay’s mission to venture deeper into the digital market.

Acquiring KnownOrigin

The e-commerce platform first expressed interest in the NFT market last year. Following a boom in the industry, eBay CEO Jamie Iannone announced that the company had been exploring ways to include crypto payments on the platform, which would later be made available in May 2021.

Joining the likes of crypto exchange Uniswap, which recently acquired NFT aggregation platform Genie, and OpenSea, which acquired Gem in April, eBay’s presence in the digital market is growing stronger throughout the years.

“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,” Iannone said.

“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.”

According to multiple reports, the e-commerce giant will receive assistance from the United Kingdom-based KnownOrigin in the world of blockchain and all things NFT-related.

KnownOrigin is a platform that allows both artists and collectors to buy, and resell NFTs via blockchain transactions. Co-Founder David Moore also said that the acquisition would help both platforms “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. 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 said in a press release.

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

Prior to the acquisition, a month ago eBay launched Genesis, its first NFT collection. The collection was launched in partnership with Web3 platform OneOf. Genesis is a 3D animated collection featuring iconic athletes shown on Sports Illustrated covers throughout the years.

More on KnownOrigin

Established in 2018 before the NFT boom, KnownOrigin is one of the most prominent and earliest NFT marketplaces.

“We founded KnownOrigin to empower creators and collectors by giving them the ability to showcase, sell, and collect unique, authenticated digital items,” Moore added.

According to DeppRadar, KnownOrigin has raised $7.8 million in sales since the day it was founded. The number is quite impressive considering this year’s concerning market condition.