eBay Acquires NFT Marketplace, Ushering ‘New Era’ of Collectibles

Power Retail By Power Retail | 23 Jun 2022

eBay is entering the NFT space. The leading online marketplace is acquiring KnownOrigin, an NFT marketplace to leverage growth and enter the NFT landscape. 

eBay is undergoing a tech ‘reimagination’, the platform shared. The business is planning to create ‘significant upgrades’ to its technology, performance and customer experience. With this ‘new era’, eBay is planning to transform its collectibles portfolio, ushering digital collecting into the mix.

“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,” shared Jamie Iannone, the CEO of eBay.

KnownOrigin was founded in 2018 in Manchester. It enables collectors and artists to create, sell and buy NFTs, using blockchain technology.

“KnownOrigin has built up an impressive, passionate and loyal group of artists and collectors making them a perfect addition to our community of sellers and buyers. We look forward to welcoming these innovators as they join the eBay community,” continued Iannone.

“We founded KnownOrigin to empower creators and collectors by giving them the ability to showcase, sell, and collect unique, authenticated digital items,” shared the Co-Founder of KnownOrigin, David Moore.

“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. With more than twenty-five years building similar communities of passionate individuals, we are excited by the opportunity to bring a whole new audience on this journey. This is the start of a new chapter in the KnownOrigin story and we couldn’t choose a better time to focus on building and innovating with the team at eBay. This partnership will help us attract a new wave of NFT creators and collectors.”

This isn’t the online marketplace’s first taste at NFTs. In May 2021, eBay began the sale of NFTs on its platform, and launched its first set of NFTs in partnership with the web3 platform, OneOf.

“Through our partnership with OneOf, eBay is now making coveted NFTs more accessible to a new generation of collectors everywhere,” shared VP of Collectibles, Electronics and Home at eBay, Dawn Block. “This builds upon our commitment to deliver high-passion, high-value items to the eBay community of buyers and sellers.”

The acquisition amount was not shared, but the deal has been signed and closed as of 22 June. KnownOrigin’s IP and team are all a part of this acquisition.

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