eBay acquires KnownOrigin; forays into NFT
The deal will help the ecommerce giant expand into the area of blockchain technology and digital collectibles
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Ecommerce giant eBay announced that it acquired KnownOrigin, a Manchester-based NFT marketplace, for an undisclosed amount. The firms signed and concluded the deal on 22nd June.
According to eBay, they will acquire the entire company via this deal, including the IP and team. KnownOrigin enables the artists and collectors to buy, sell, and mint NFTs through blockchain-enabled transactions.
According to KnownOrigin’s co-founder David Moore, the company was formed to "empower creators and collectors by providing them with the capacity to promote, sell, and collect unique, certified digital artifacts." He also said, "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."
Chief executive of eBay Jamie Iannone, while talking about the deal, said that "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 of last year, eBay began allowing customers to purchase and sell NFTs at a time when rising public interest in digital collectibles resulted in sudden price jumps.
