eBay announces acquisition of KnownOrigin for an undisclosed amount

Home » eBay announces acquisition of KnownOrigin for an undisclosed amount

eBay has introduced the acquisition of KnownOrigin, a market supporting non-fungible tokens (NFTs). This acquisition is aimed toward serving to eBay transfer into the blockchain world and allow its customers to work together with digital collectibles.

eBay acquires KnownOrigin

eBay is likely one of the largest ecommerce platforms globally. A press release printed on Wednesday mentioned that KnownOrigin had been acquired by eBay for an undisclosed quantity. eBay is a platform that permits artists and collectors to create, purchase and promote NFTs.

The co-founder of KnownOrigin, David Moore, mentioned that the platform had been created to assist creators and collectors by permitting them to “showcase, promote, and gather distinctive authenticated digital objects.”

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“As curiosity in NFTs continues to develop, we imagine now’s the right time for us to associate with an organization that has the attain and expertise of eBay. With greater than twenty-five years constructing comparable communities of passionate people, we’re excited by the chance to deliver an entire new viewers on this journey,” Moore added.

The CEO of eBay, Jamie Iannone, talked concerning the progress that eBay has achieved by being a conventional on-line market. Iannone famous that eBay had differentiated itself from others available in the market by selling distinctive digital collectibles.

“KnownOrigin has constructed up a formidable, passionate, and constant group of artists and collectors making them an ideal addition to our group of sellers and consumers. We stay up for welcoming these innovators as they be part of the eBay group,” Iannone added.

eBay’s enterprise into NFTs

This acquisition aligns with the plans made by eBay to assist technological innovation. The corporate is leveraging crypto and blockchain expertise to spice up its operations. eBay is likely one of the oldest ecommerce corporations, positioning itself as a go-to market for millennials and Gen Z.

Earlier this yr, a number of stories mentioned eBay was trying to undertake cryptocurrency funds. That is in step with the trouble made by a number of corporations to permit their customers to undertake cryptocurrency funds. Ecommerce platforms have been pushing for crypto funds to develop their person base.

One of many prime use instances for NFTs is digital art work. Over the previous yr, there was an increase in digital artworks within the NFT area, with some collections being traded for thousands and thousands of {dollars}. Together with NFTs on eBay may assist drive up volumes because the platform has round 187 million lively customers.

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