eBay Purchases UK-based NFT Marketplace KnownOrigin

The e-commerce giant e-bay has recently announced that it has acquired the U.K.-based non-fungible token (NFT) marketplace KnownOrigin.

In February, KnownOrigin raised GBP3.5 million ($4.3 million) in a Series A round that was co-led by crypto venture capital firms GBV and Sanctor Capital.

The development comes shortly after eBay partnered with Web 3 company OneOf to launch a hockey-themed NFT collection.

eBay picks up KnownOrigin for an undisclosed sum

Basically, KnownOrigin is an NFT marketplace that aims to enable artists and collectors to create, buy and resell NFTs via blockchain-support transactions. According to a statement, the transaction, while lacking in specifics, was finalized on Tuesday.

The move comes after eBay’s recent move into the NFT market. In May, eBay launched its sports-themed Genesis collection, even though collectors and investors were losing interest in digital collectibles.

eBay’s tech-driven reimagining has resulted in substantial improvements to the company’s technology, performance, and user experience. This also includes tools that make it easier than ever to discover, sell, or purchase anything. In May 2021, the corporation began permitting the purchase and sale of NFTs. 

eBay’s CEO Jamie Iannone said in the statement :

“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.”

According to DappRadar, which tracks statistics on decentralized apps, KnownOrigin has handled NFT transactions worth $7.8 million since its launch.