In a press release, one of the world's biggest e-commerce platforms, eBay Inc., has announced its newest acquisition. The company bought KnownOrigin, one of the most innovative non-fungible token (NFT) marketplaces, at an undisclosed price as of this writing.
KnownOrigin is an NFT marketplace that allows content creators to craft their own unique and authentic digital collectibles with the help of blockchain technology. This acquisition from eBay, according to them, is an integral aspect of their "tech-led reimagination."
eBay Expresses Further Commitment to 'Tech-Led Reimagination'
"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," according to Jamie Iannone, chief executive officer of eBay.
As of this writing, there are also no further details on the terms of the acquisition. However, Iannone expressed in their press release that this acquisition is a welcome opportunity for the firm to expand its market to more digital collectibles and artworks.
According to Iannone, KnownOrigin's current listing of art collections and other collectibles is composed of passionate and loyal groups of artists and collectors whom he wants to welcome as the eBay community's newest innovators.
According to the release, this partnership aims to help content creators and online aficionados find more accessible online spaces where they can sell, promote, and collect digital items.
"This partnership will help us attract a new wave of NFT creators and collectors," said David Moore, co-founder of 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."
NFTs Are Not New to eBay
This is not eBay's first foray into the NFT market hype. Earlier reports indicate that eBay has already partnered with a Tezos- and Polygon-based NFT platform named "OneOf" to release a collection of hockey-themed NFTs. The price of the NFTs sold from the collection goes as low as $10 to as high as $1,500. In the same way, that physical item are purchased on eBay. People could also pay for NFTs with their fiat currencies.
eBay also began allowing the buying and selling of NFTs as early as May 2021, indicating that the e-commerce giant has been in the market for more than a year already. According to them, their acquisition of KnownOrigin belongs to their grand plan of introducing "significant upgrades to the company's technology, performance, and customer experience."
Last year, Iannone also hinted to the press that eBay is considering ways to get into NFT games. According to him, there are plenty of ways to innovate in the space, and its potential is huge considering that the blockchain powers it.
KnownOrigin is a UK-based NFT marketplace focused on providing ways for content creators to authenticate and showcase their artwork to people around the world. Last February 2022, the company raised a total of $4.3 million in a Series A funding round led by venture capital firms GBV and Sanctor Capital.
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