Ebay acquires NFT marketplace KnownOrigin
Ebay Inc. announced on Wednesday it has acquired non-fungible token (NFT) marketplace, KnownOrigin, as the U.S. e-commerce marketplace looks to strengthen its product offering for digital collectors.
Founded in 2018 in Manchester, UK, KnownOrigin enables artists and collectors to create, buy and resell NFTs via blockchain-support transactions.
"We founded KnownOrigin to empower creators and collectors by giving them the ability to showcase, sell, and collect unique, authenticated digital items," said David Moore, co-founder, KnownOrigin.
"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. 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."
In recent years, Ebay has ramped up its technology, performance and customer experience, including tools that make selling or buying anything a possibility. As a part of this, Ebay began allowing the buying and selling of NFTs in May 2021, with the acquisition of KnownOrigin venturing deeper into the sale of digital items to collectors and buyers.
"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," said Jamie Iannone, CEO of Ebay.
"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."
Terms of the deal between the two marketplaces were not disclosed.
The announcement comes just days after Ebay announced its Ebay Live initiative is in its beta phase, to be rolled out soon as a separate live shopping section on its website and app.
In 2021, Ebay clocked over $87 billion of gross merchandise volume.
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