Ebay Inc. has made a significant move into the world of non-fungible tokens (NFTs) through its acquisition of KnownOrigin, an NFT marketplace. Founded in Manchester, UK in 2018, KnownOrigin enables artists and collectors to create, purchase, and sell NFTs using blockchain-powered transactions.

This strategic move by Ebay is aimed at bolstering its offerings for digital collectors and capitalizing on the growing interest in NFTs. David Moore, co-founder of KnownOrigin, expressed excitement about the partnership, highlighting that Ebay’s extensive reach and experience make it the perfect company to collaborate with. He believes that the timing is perfect to attract a new audience to the world of NFTs. Moore added that this partnership represents a new chapter for KnownOrigin and he is eager to build and innovate with the Ebay team.

Over the past few years, Ebay has been investing in technology and enhancing the customer experience. In May 2021, the company started allowing the buying and selling of NFTs, and this acquisition of KnownOrigin further solidifies its position in the digital collectibles market. Ebay CEO Jamie Iannone emphasized the company’s commitment to remaining a leading platform for collectors. He stated that Ebay is often the first choice for people around the world searching for unique additions to their collections, and the acquisition of KnownOrigin will ensure that Ebay stays at the forefront as the demand for digital collectibles increases.

The specific terms of the deal between Ebay and KnownOrigin have not been disclosed. The announcement of this acquisition closely follows Ebay’s announcement of its Ebay Live initiative, which is currently in beta phase and will soon be launched as a separate live shopping section on the Ebay website and app. In 2021, Ebay generated over $87 billion in gross merchandise volume, demonstrating its strong presence in the global e-commerce market. With the addition of KnownOrigin, Ebay hopes to expand its offerings and attract digital collectors to its platform.

Useful links:
Ebay website
KnownOrigin website