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eBay is acquiring UK-based NFT marketplace KnownOrigin
eBay's purchase of KnownOrigin follows the e-commerce platform's sports-themed "Genesis" NFT collection, which was unveiled in May The acquisition comes as the current market climate and appetite for NFTs has waned in recent months Global e-commerce platform eBay announced on Wednesday that it has acquired a UK-based NFT marketplace for an undisclosed sum to further its efforts in the digital collectibles space. Founded in 2018 in Manchester, UK, KnownOrigin is a blockchain-based marketplace that allows artists and collectors to create, buy and sell non-fungible tokens. The deal...
eBay is acquiring UK-based NFT marketplace KnownOrigin
- Der Kauf von KnownOrigin durch eBay folgt auf die NFT-Kollektion „Genesis“ zum Thema Sport der E-Commerce-Plattform, die im Mai vorgestellt wurde
- Die Übernahme erfolgt, da das aktuelle Marktklima und der Appetit auf NFTs in den letzten Monaten nachgelassen haben
Global e-commerce platform eBay said on Wednesday it has acquired a UK-based NFT marketplace for an undisclosed sum to further its efforts in the digital collectibles space.
Founded in 2018 in Manchester, UK, KnownOrigin is a blockchain-based marketplace that allows artists and collectors to create, buy and sell non-fungible tokens. The deal, although scant in detail, was completed on Tuesday, according to a statement.
The move follows eBay's recent foray into the NFT sector, where the platform launched its "Genesis" sports collection in May despite waning interest from collectors and investors in digital collectibles. eBay first allowed the buying and selling of NFTs in May 2021.
“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,” eBay CEO Jamie Iannone said in the statement. “We look forward to welcoming these innovators as they join the eBay community.”
NFTs have been slowly moving towards the mainstream since the beginning of 2020, according to renowned digital artists Beeple's sale of his “The First 5000 Days” for over $69 million at Christie’s auction house. This sale unleashed a flood of ambitious and opportunistic sellers hoping to profit from the lucrative trade.
Current market conditions have since led to a slowdown in sales and interest in digital collectibles, which peaked late last year. Data from 90 days of trading activity on popular NFT marketplaces such as Open sea show a steady decline from month to month.
Still, a company like eBay – which facilitated over $87 billion in gross merchandise volume last year – could prove to be a boon to the emerging sector by boosting the Profile of NFTs in the minds of the average consumer.
eBay's move to sell and buy NFTs can also be seen as a defensive stance, as its biggest competitor Amazon started flirting with the idea back in April.
Amazon CEO Andy Jassy previously said he had envisioned a “ possible "Future, the platform would sell digital collectibles powered by blockchain technology. Details about when and if this would happen are still unclear.
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The post eBay acquires UK NFT marketplace KnownOrigin is not financial advice.