- eBay makes known its purchase of the UK-based NFT marketplace
- The partnership will enable eBay to factor in a new page of virtual collection
- The purchase to enable eBay maintain its position as a leading e-commerce platform
On 22nd June 2022 eBay announced its acquisition of the KnownOrigin NFT marketplace.
KnownOrign being the most engaging marketplace for NFTs will enable eBay to usher in a new page of the virtual collection.
It is through the UK-based NFT marketplace artists and collectors create, resell and purchase non-fungible tokens through a blockchain-based system.
It is reported that since KnownOrigin was founded it has recorded significant growth by revolutionizing the process of creating buying and selling of NFTs.
Why would eBay go for KnownOrigin?
According to the announcement made by eBay, the global commerce leader is the most accessible e-commerce platform. The accusation will enable it to maintain its position as a leading e-commerce platform. Especially since its community is continuously adopting digital collectibles.
The eBay CEO, Jamie Iannone noted, “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.”
In May 2021, eBay incorporated the purchasing and selling of NFTs. The new tech-led conception has led to major upgrades in technological, performance and customer experience sectors.
David Moore, a co-founder at KnownOrigin, reported that the marketplace plays a major role in empowering creators and collectors. KnownOrigin gives them an opportunity to display, sell, collect and purchase authentic digital assets.
He opines that “As interest in NFTs continues to grow, we believe now is the perfect time for us to partner with a company that has the reach and experience of eBay. With more than twenty-five years of building similar communities of passionate individuals, we are excited by the opportunity to bring a whole new audience on this journey.”
As David explained the partnership will spur interest in NFT creation and collection. He also mentioned that the partnership came at the right time and that the firm anticipates prioritizing establishment and innovation together with eBay.
Market declines are not obstacles
eBay purchase of KnownOrigin comes at a time when NFT market conditions are not favorable. Interest and sales in digital collectibles were high late last year. However, OpenSea, a well-known marketplace for NFTs, has been recording declines in the past few months.
Though this move could be a bonus to the NFT sector as it will spur interest in digital collectibles.
The KnownOrigin purchase comes after eBay’s May launching of Genesis, a sport-themed collection.
eBay has another major partnership with OneOf, a Green Web3 company, through which it incorporates its worldwide reach and unmatched inventory. This aims at creating a seamless experience that allows supporters to continue purchasing and selling unique and authentic digital items.
