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Multinational e-commerce giant eBay is diving deeper into NFTs by acquiring the digital art marketplace KnownOrigin. The NFT platform will power eBay’s NFT and Web3 strategies, leading the company to new tech innovations and business opportunities.
NFTs currently on the KnownOrigin marketplace will eventually be integrated into eBay, though the retail giant will reveal more information later. Neither party disclosed the dollar value of the acquisition.
Launched in 2018, KnowOrigin was an early participant in NFTs. The platform aimed to bring artists and collectors into the new art market and provide users with the tools to create, buy, and resell digital collectibles. In February, the UK-based company completed a $4.85 million funding round. KnownOrigin has partnered with renowned brands like Adidas, Netflix, and Adobe.
KnownOrigin talked about the acquisition on Twitter, stating that their “mission was simple…could we build a new platform that would empower creators and give digital artists a chance to earn a living doing what they love. Similar to us, eBay’s culture is fueled by a strong belief in connecting people and innovation. They’ve spent the past 25 years building a passionate community of buyers and sellers on their own marketplace.”
“eBay is the first stop for people across the globe who are searching 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 is increasingly adding digital collectibles,” CEO of eBay, Jamie Iannone, said in a statement.
In May 2022, eBay debuted the first NFT collection of hockey-themed 3D non-fungible tokens in collaboration with Web3 platform OneOf.
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