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eBay buys renowned NFT marketplace KnownOrigin

CJ – Cryptocurrency Enthusiast

The well-known NFT market place KnownOrigin has been acquired by eCommerce behemoth eBay, according to a statement.

A new generation of Non Fungible Tokens artists and collectors will now have access to the NFT platform, according to KnownOrigin co-founder David Moore.

“We think now is the ideal time for us to collaborate with a business that has the reach and expertise of eBay as interest in NFTs continues to soar.”

The purchase of KnownOrigin by eBay is a significant step in the company's Web3 ambitions. In May 2021, the company made NFT transaction capabilities available on their platform. In the same month, eBay presented its first NFT line in conjunction with the green NFT marketplace OneOf.

In the midst of the turmoil on the international cryptocurrency investment markets, major players in the space are currently consolidating their holdings.

According to BTCPEERS, Uniswap Labs, the organization that developed the Uniswap decentralized cryptocurrency exchange technology, purchased the NFT marketplace aggregator Genie for an undisclosed sum.

Over $7.8 million in transaction volume has been enabled since KnownOrigin's launch in 2018. Andy Gray, David Moore, and James Morgan founded it in 2018. The market received $4.3 million in a Series A investment co-led by cryptocurrency venture capital firms GBV and Sanctor Capital in February. All three of the co-founders will work for eBay. Despite having a substantial online presence, eBay will be up against hundreds of NFT markets like OpenSea, LooksRare, Rarible and Magic Eden that are wholly constructed in cryptocurrencies.

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