Business News Report
February 20, 2024

Ebay to Adjust NFTs Market Strategy Amid 30% Web3 Team Layoff and KnownOrigin Founder’s Exit

In Brief

eBay is reassessing its stance on NFTs following a 30% layoff in Web3 team and departure of KnownOrigin founders Stef Jay and David Moore.

Ebay Reportedly Reevaluates NFT Strategy Amid 30% Layoff in Web3 Team and Departure of KnownOrigin Founder

Multinational e-commerce company eBay is reportedly reassessing its stance on non-fungible tokens (NFTs), following the alleged reduction of over 30% of its Web3 team as several individuals departed the company. As reported first by NFTgators, with the resignation of Stef Jay, the business and strategy officer of the Web3 division, and David Moore, co-founder of KnownOrigin, who has reportedly been made redundant, there appears to be a shift in the company’s Web3 strategy.

Furthermore, reports suggest a strained relationship between eBay and KnownOrigin, a United Kingdom-based NFT marketplace that eBay acquired in 2022, creating uncertainty about the future of NFTs on the eBay website. As a result, the e-commerce company has reportedly suspended all future plans related to digital art.

However, it remains to be seen whether the ongoing situation is a result of organizational restructuring, possibly in response to the declining cryptocurrency market trends observed in the previous year, where NFTs experienced a decrease in the momentum they had gained in 2021 and 2022.

eBay’s Foray into NFTs

The news comes almost a year after eBay acquired KnownOrigin. In 2022, the company integrated KnownOrigin’s team and intellectual property (IP) into its Web3 division, further expanding involvement in the sector. Two months after the acquisition of KnownOrigin, eBay expanded its digital collectibles business by purchasing the trading card marketplace TCGplayer for $295 million to strengthen its position in the digital collectibles market.

eBay was one of the latest companies to integrate NFTs into its platform, with the launch of the initial NFT collection in partnership with the Web3 platform OneOf in 2022. However, despite its prominent position in online shopping, eBay faced the challenge of competing with numerous established crypto-native NFT marketplaces already in existence.

The evolving dynamics surrounding eBay’s Web3 strategy and its reevaluation of NFT-related operations may indicate challenges in adapting to the rapidly changing cryptocurrency market, making the company’s involvement in digital assets uncertain.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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