eBay Forays Deeper Into Crypto With Acquisition Of NFT Marketplace KnownOrigin

eBay Forays Deeper Into Crypto With Acquisition Of NFT Marketplace KnownOrigin

eBay, one of the world’s largest e-commerce platforms, is pushing deeper into the digital collectibles arena with the acquisition of the UK-based non-fungible token (NFT) marketplace, KnownOrigin, for an undisclosed sum.

eBay Announces KnownOrigin Buy

eBay has bought KnownOrigin. A press release on Wednesday confirmed the news. In it, the company’s CEO Jamie Iannone said: “With this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles.”

KnownOrigin co-founder David Moore echoed similar sentiments, noting that the duo is looking to attract a new wave of NFT artists and collectors. “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,” he stated.

The deal’s sum was not made public. Notably, the move comes as KnownOrigin aims to reinvent itself as a tech-led firm. Having been founded in 2018, KnownOrigin is arguably one of the oldest marketplaces globally. 

Since its launch, assets worth $7.8 million have been traded on the platform, based on DappRadar data. The startup also secured $4.3 million in a Series A funding round in February this year.

The acquisition will unlikely be a surprise to anyone who’s been closely following eBay’s moves in recent months. The e-commerce giant’s started allowing NFT sales in mid-2021. The online marketplace dropped its first-ever sports-themed NFT collection on Ethereum sidechain Polygon in May this year in partnership with the OneOf NFT platform.

When Crypto Payments?

eBay has been toying with the idea of introducing cryptocurrency payment options for a while now, but the company has not announced any concrete plans yet.

Iannone even told TheStreet earlier this year that the marketplace’s addition of Google Pay and Apple Pay means that it’s ready to “open up new forms of payment.” Unfortunately for crypto enthusiasts, the wait continues.

Nonetheless, many companies in the e-commerce sector have been slowly testing the crypto and NFTs waters. And despite the relentless backlash and ongoing market downturn, the sector doesn’t seem to be losing interest in the crypto space.

Brenda Ngari
Brenda is an avid blockchain enthusiast, She has a solid background in Economics and Finance. and has been crafting articles for over a year. Contact: Brenda.Ngari [at] coinjot.com