eBay acquires KnownOrigin, expanding its foray into NFTs and blockchain
eBay, an e-commerce giant, has announced the acquisition KnownOrigin, a nonfungible token (NFT) marketplace that will help the e-commerce company foray further into the world of blockchain technology and digital collectibles.
According to a press release on Wednesday, Manchester-based KnownOrigin has been purchased for an undisclosed amount. The firm enables artists and collectors to create, purchase and resell NFTs via blockchain-enabled transactions. KnownOrigin co-founder David Moore in a statement said that the company was founded to "empower creators and collectors by giving them the ability to showcase, sell and collect unique, authenticated digital items," adding that:
eBay began allowing users to buy and sell NFTs in May of last year, at a time when increasing public interest in digital collectibles resulted in precipitous price increases. In May, the e-commerce giant announced its debut collection of NFTs through a collaboration with OneOf, a green NFT platform. eBay chief executive Jamie Iannone said:
The move signals eBay's continued interest in leveraging cryptocurrency and blockchain technology to improve its operations. eBay is one of the first e-commerce sites, and it is now aiming to become the preferred destination for Generation Z and illennials. Earlier this year, Cointelegraph reported that the firm has been looking to integrate crypto payment options for quite some time.
Related: Online marketplace eBay to allow NFT sales
Over the last few months, hundreds of NFT projects have appeared in the cryptocurrency world, seemingly emulating the multimillion-dollar sales of digital artwork on online markets. The inclusion of NFTs in an established market like eBay, with approximately 187 million active buyers,
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