eBay acquires KnownOrigin, expanding its foray into NFTs and blockchain

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The e-commerce giant eBay has announced the acquisition of KnownOrigin, a non-fungible token marketplace (NFT) that will help the e-commerce company enter the world of blockchain technology and digital collectibles.

According to a press release on Wednesday, Manchester-based KnownOrigin was purchased for an undisclosed amount. The company allows artists and collectors to create, buy and resell NFTs via blockchain-powered transactions. KnownOrigin co-founder David Moore said in a statement that the company was founded to “empower creators and collectors by giving them the ability to showcase, sell and collect unique and authentic digital items,” adding that:

“As interest in NFTs continues to grow, we believe now is the perfect time for us to partner with a company that has eBay’s reach and expertise.”
eBay began allowing users to buy and sell NFTs in May of last year, at a time when increased public interest in digital collectibles led to sharp price increases. In May, the e-commerce giant announced its first batch of NFTs by collaborating with OneOf, a green NFT platform. eBay CEO Jimmy Enon said:

“KnownOrigin has created an incredible, enthusiastic and loyal group of artists and collectors, making it the perfect addition to our community of sellers and buyers. We look forward to welcoming these innovators as they join the eBay community.”
This move indicates eBay’s continued interest in leveraging cryptocurrency and blockchain technology to improve its operations. One of the first e-commerce sites out there, eBay is now aiming to become the destination of choice for Generation Z and Illennials. Earlier this year, Cointelegraph reported that the company had been looking to integrate crypto payment options for some time.

Related: Online Marketplace eBay to Allow NFT Sales

Over the past few months, hundreds of NFT projects have appeared in the cryptocurrency world, seemingly mimicking sales of multi-million dollar digital artworks in online marketplaces. The inclusion of NFTs in an established market such as eBay, with approximately 187 million active buyers, has the potential to extend the frenzy even longer.

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