eBay announced today it is acquiring Manchester-based NFT marketplace KnownOrigin. Financial terms of the deal were not disclosed. eBay says the companies signed and closed the deal on June 22.
KnownOrigin was founded in 2018 by Andy Gray, David Moore and James Morgan. All three co-founders join eBay. Platform allows artists and collectors to create, buy and resell NFTs. eBay says it’s buying the entire company, including IP and crew.
“eBay is the first stop for people from all over the world looking for the perfect, hard-to-find or unique addition to their collection and with this acquisition we will remain the leading site as our community increasingly adds digital collectibles. eBay CEO Jamie Iannone said in a statement. “KnownOrigin has built an impressive, passionate and dedicated group of artists and collectors, making them a great addition to our community of sellers and buyers. We look forward to welcoming these innovators as they join the eBay community.”
The acquisition happened a month after eBay. released her first NFT collection in partnership with the web3 OneOf platform. The company’s new “Genesis” NFT collection will feature 3D and animated interpretations of iconic athletes who have featured on the cover of Sports Illustrated for years. eBay says the surge in the collectibles market has led to their first collaboration in the NFT space.
While eBay has a significant presence in the online shopping space, the company will have to put in a lot of effort to compete with the dozens of already existing cryptocurrency NFT marketplaces. However, the acquisition of KnownOrigin indicates that the company is serious about NFTs.
“We founded KnownOrigin to empower creators and collectors by enabling them to showcase, sell and collect unique, authenticated digital items,” KnownOrigin co-founder David Moore said in a statement. “As interest in NFT continues to grow, we believe now is the right time to partner with a company that has the reach and experience of eBay. In over twenty-five years of building these kinds of communities of passionate people, we’re thrilled to be able to bring a whole new audience to this journey. This is the start of a new chapter in the KnownOrigin story, and we couldn’t have chosen a better time to focus on developing and innovating with the eBay team. This partnership will help us attract a new wave of NFT creators and collectors.”
eBay says NFTs represent a significant growth area for its business. Latest acquisition of the company continues its advancement into the world of blockchain technology and digital collectibles.
Credit: techcrunch.com /