eBay Buys NFT Marketplace as Auction Site Undergoes 'Tech-Led Reimagination'
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eBay Buys NFT Marketplace as Auction Site Undergoes 'Tech-Led Reimagination'

3 months ago

The acquisition could help eBay, which first launched in 1995, to remain relevant as attention turns to Web3.

eBay Buys NFT Marketplace as Auction Site Undergoes 'Tech-Led Reimagination'

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eBay has snapped up an NFT marketplace as the auction site's "tech-led reimagination" continues.

The eCommerce giant has acquired KnownOrigin, which "provides artists with a place to create unique, authentic, digital collectibles in the form of NFTs."

KnownOrigin was founded in the U.K. back in 2018 — and has witnessed "significant growth as it revolutionized the way people create, buy and sell NFTs."

It's not known how much eBay has paid for the platform, but it's likely gotten a good deal after the bear market caused company valuations across the sector to cool substantially.

Back in May 2021, eBay began allowing NFTs to be bought and sold on its platform. The company's CEO, Jamie Iannone, 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."

The acquisition could help eBay, which first launched in 1995, to remain relevant as attention turns to Web3.

'A Whole New Audience'

KnownOrigin's co-founder David Moore predicted that the partnership will bring "a new wave" of creators and collectors to the NFT space — and it comes as established entertainment brands race to build their very own marketplaces. He added:

"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 25 years building similar communities of passionate individuals, we are excited by the opportunity to bring a whole new audience on this journey."

The past year has been dominated by an overwhelming number of NFTs flooding the market, with some estimates suggesting there are now five collectibles for every one buyer.

But in the coming 12 months, it's the sheer number of NFT marketplaces flooding the sector that could leave consumers spoiled for choice.

Coinbase recently spent an estimated $600 million on its own platform, but data from Dune Analytics suggests it's had a rather disappointing debut.

Instagram and Meta have also begun dabbling with NFTs — and their arrival could prove troublesome for crypto-based market leaders such as OpenSea.

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