eBay ramps up NFT expansion with acquisition of KnownOrigin

What

eBay has acquired NFT marketplace KnownOrigin for an undisclosed deal

Why

Jamie Lannone, eBay’s CEO, explained the reason for the acquisition: “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.”  

What next

eBay will be hoping KnownOrgin will help to bolster its expansion into digital collecting, having brought in the buying and selling of NFTs to its site since May 2021. eBay’s press release on the deal said it “combines eBay’s reach and reputation with KnownOrigin’s leading technology to empower a new wave of NFT creators, sellers and buyers”

The story

Founded in Manchester, UK in 2018, KnownOrigin allows for the buying and selling of NFTs on the Ethereum blockchain.  David Moore, co-Founder of KnownOrigins, said that this is “the perfect time for us to partner with a company that has the reach and experience of eBay”, and that it will “ help us attract a new wave of NFT creators and collectors”.

According to data from DappRadar, KnownOrigin’s all-time trading volume is $7.8 million and is ranked number 60 among other NFT marketplaces. OpenSea, by comparison, has seen $30.4 billion worth of total all-time trading. 

Last year, eBay said it was looking at ways to integrate crypto payments to offer customers new ways to pay.

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