eBay today announced the acquisition of KnownOrigin. For one marketplace NFT based in Manchester. The financial terms of the transaction have not been disclosed at this time. Nevertheless, eBay indicates that the companies signed and concluded the agreement on June 22, 2022. KnownOrigin was founded in 2018 by Andy Gray, David Moore and James Morgan. The three co-founders are now joining eBay. The platform allows artists and collectors to create, buy and resell NFTs.
eBay and NFTs, a story that goes back to the Genesis collection
The acquisition comes a month after eBay launched its first collection of NFTs in partnership with the OneOf Web3.0 platform. The new NFT collection Genesis the company offers 3D and animated interpretations of the iconic athletes featured on the covers of Sports Illustrated over the years. eBay claims that the rise of the collectibles market led to this first collaboration in the NFT space.
eBay is going to have to overcome the challenge of the NFT transition with the help of KnownOrigin
Although eBay has a significant presence in online shopping, the company will have its work cut out to compete with dozens of already existing native crypto NFT markets. However, its acquisition of KnownOrigin indicates that the company takes NFTs seriously. « We founded KnownOrigin to empower creators and collectors by giving them the opportunity to present, sell and collect unique and authenticated digital objects “, in particular, David Moore, co-founder of KnownOrigin, said in a statement.
For David Moore, NFTs represent the future of KnownOrigin alongside eBay
The co-founder of KnownOrigin also clarified what his vision was about this partnership with eBay and the future of Web3.0 with NFTs. “As interest in NFTs continues to grow, we believe the time has come for us to partner with a company that has the reach and experience of eBay. With over twenty-five years of building similar communities of passionate individuals, we are thrilled to have the opportunity to bring a whole new audience on this journey. It’s the beginning of a new chapter in the history of KnownOrigin and we couldn’t have chosen a better time to focus on building and innovating with the eBay team. This partnership will help us attract a new wave of NFT creators and collectors. “A vital partnership for eBay, which will need the skills and capabilities of the KnownOrigin team to meet the NFT challenge.
The eBay CEO sees this acquisition as a new step for the eBay community and KnownOrigin
« eBay is the first stop for people all over the world who are looking 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 adds more and more digital collectibles. “, said the CEO of eBay, Jamie Iannone, in a statement. « KnownOrigin has built up an impressive, passionate and loyal group of artists and collectors, making it a perfect addition to our community of sellers and buyers. We look forward to welcoming these innovators as they join the eBay community. “Jamie Iannone, although CEO of one of the largest online sales sites, clearly shows that his interest lies in the acquisition of this marketplace.
Another blockchain startup bought by a Web2.0 giant. This scheme, which has been repeated many times now, is both logical and advantageous. Indeed, the big companies of this world sometimes have more interest in buying a company specialized around the blockchain than in creating a specialized department. In addition, these buyouts demonstrate the growing interest in NFTs and blockchain in general. Eventually, these operations will end up helping large companies transition to Web3.0, in particular thanks to NFTs.
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Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! Yes, I am convinced that the two are intimately linked: blockchain and NFTs are revolutionizing many sectors and present unprecedented opportunities.
