eBay acquires KnowOrigin marketplace, expanding NFT business

American e-commerce institution eBay has acquired Manchester, UK-based KnowOrigin, which allows artists and collectors to create, bargain and resell NFTs.

The fiscal details of the woody were not disclosed successful a June 22 press release.

EBay CEO Jamie Iannone said:

“eBay is the archetypal halt for radical crossed the globe who are searching for that perfect, hard-to-find, oregon unsocial summation to their postulation and, with this acquisition, we volition stay a starring tract arsenic our assemblage is progressively adding integer collectibles.”

KnowOrigin commented connected the acquisition successful a station connected its website and noted eBay’s civilization of innovation, adding:

“eBay is presently undertaking a monolithic tech-led reimagination and we are astatine the bosom of their vision. We’re excited to spot however unneurotic we tin empower our existing creators and present a full caller planetary assemblage done this acquisition.”

KnowOrigin besides said it believes the acquisition would “help bring adjacent much creators and collectors into the space.”

James Morgan, the co-founder, clarified the changes apt to effect from the acquisition successful a FAQ post connected medium. According to the mean post, determination are presently nary plans to alteration the KnowOrigin team.

Morgan besides stated successful effect to a FAQ connected whether KnowOrigin artists tin merchantability connected eBay that “there volition beryllium nary contiguous changes.”

A measurement further into Web3

The KnowOrigin acquisition signals eBay’s continued bid to delve heavy into Web3 and integrate its platform.

Acting connected the accrued popularity of collectibles, the e-commerce elephantine launched its archetypal NFT collection successful May. It launched the postulation dubbed “Genesis” successful collaboration with OneOf, and it featured animated and 3D interpretations of the iconic athletes featured connected covers of the Sports Illustrated.

Recently, Spotify announced that it is investigating caller features that would let NFT integration, portion Polygon has partnered with Meta to make an NFT level for Instagram and Facebook.

The station eBay acquires KnowOrigin marketplace, expanding NFT business appeared archetypal connected CryptoSlate.