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eBay acquires NFT marketplace KnownOrigin

Published: 23-Jun-2022

The deal sees the online e-commerce giant move further into Web 3.0 and bring digital art into the mainstream

eBay has acquired British NFT marketplace KnownOrigin for an undisclosed sum.

Founded in 2018, the Manchester-based company enables artists and collectors to create, buy and resell digital art using Ethereum blockchain.

The deal marks a major move for the online e-commerce giant into Web 3.0, after it first enabled the sale of NFTs on its website in May 2021.

Last month, it launched its first collection of NFTs with OneOf, a digital art platform that claims to be a 'green' alternative to marketplace rivals.

The now sold out collection sold at US$10 each and featured ice hockey player Wayne Gretzky.

eBay described KnownOrigins' impact on non-fungible tokens as revolutionary.

CEO of eBay, Jamie Iannone, said: "eBay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles."

The acquisition is a signal of NFTs moving into the mainstream.

KnownOrigin co-founder, David Moore, added: "With more than 25 years building similar communities of passionate individuals, we are excited by the opportunity to bring a whole new audience on this journey.

"This is the start of a new chapter in the KnownOrigin story and we couldn’t choose a better time to focus on building and innovating with the team at eBay.

"This partnership will help us attract a new wave of NFT creators and collectors.”

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