eBay today announced the acquisition of KnownOrigin. A marketplace NFT from Manchester. The financial terms of the transaction have not been disclosed at this time. Nevertheless, eBay says the companies signed and closed the deal on June 22, 2022. KnownOrigin was founded in 2018 by Andy Gray, David Moore and James Morgan. The three co-founders are now joining eBay. In particular, the platform enables artists and collectors to create, buy and resell NFTs.
eBay and NFTs, a story dating back to the Genesis collection
The acquisition comes a month after eBay launched its first collection of NFTs in partnership with Web3.0 platform OneOf. The new NFT collection Genesis of the company features 3D and animated renditions of the iconic athletes who have graced the covers of Sports Illustrated over the years. eBay says the boom in the collectibles market has led to this first collaboration in the NFT space.
eBay will have to overcome the NFT transition challenge with the help of KnownOrigin
While eBay has a significant presence in the online shopping space, the company will have to do its job to compete with dozens of pre-existing crypto-native NFT marketplaces. However, the acquisition of KnownOrigin indicates that the company takes NFTs seriously. † We founded KnownOrigin to empower creators and collectors by giving them the opportunity to showcase, sell and collect unique and verified digital items. David Moore, co-founder of KnownOrigin, said in a press release.
For David Moore, NFTs represent KnownOrigin’s future alongside eBay
The KnownOrigin co-founder also clarified his vision for this partnership with eBay and the future of Web3.0 with NFTs. “As interest in NFTs continues to grow, we believe the time is right for us to partner with a company with eBay’s reach and experience. With over twenty-five years of building similar communities of passionate individuals, we are delighted that we have the opportunity to take a whole new audience on this journey.It’s the beginning of a new chapter in the KnownOrigin story and we couldn’t have picked a better time to focus on building and innovating with the eBay team, this partnership will help us attract a new wave of NFT makers and collectors. An essential partnership for eBay that will require the skills and capabilities of the KnownOrigin team to meet the NFT challenge.
eBay CEO sees this acquisition as another step for the eBay community and KnownOrigin
† eBay is the first stop for people around the world looking for that perfect, hard to find or unique addition to their collection and with this acquisition we will continue to be a leading site as our community continues to add more digital collections. eBay CEO Jamie Iannone said in a statement. † KnownOrigin has built 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. » Jamie Iannone, although CEO of one of the largest online sales sites, shows his interest in acquiring this marketplace†
Another blockchain startup bought by a Web2.0 giant. This scheme, which is now repeated many times, is both logical and beneficial. Indeed, the big companies of this world are sometimes more interested in buying a company specialized in blockchain than in creating a specialized department. In addition, these buyouts show the growing interest in NFTs and blockchain in general. Ultimately, these operations will help large companies transition to Web3.0, thanks in particular to NFTs.
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Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! Yes, I am convinced that the two are closely linked: blockchain and NFTs are revolutionizing many sectors and offering unprecedented opportunities.