Business News/ Companies / News/  eBay doubles down on digital collectibles, buys NFT marketplace KnownOrigin

Global e-commerce firm, eBay Inc, has announced that it has bought UK-based non-fungible token (NFT) marketplace, KnownOrigin, to push further into digital collectibles. The financial terms of the deal were not disclosed.

The acquisition comes a month after eBay announced the launch of a series of exclusive NFTs through a strategic partnership with OneOf, a green NFT platform for communities across music, sports, and lifestyle.

KnownOrigin, which was founded in 2018 in Manchester, UK, enables artists and collectors to create, buy and resell NFTs via blockchain-support transactions.

According to DappRadar, a company that tracks data on crypto-based applications, KnownOrigin has facilitated an overall NFT trading volume of $7.8 million since its launch at an average price of $353.51.

“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," said Jamie Iannone, CEO of eBay.

“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."

eBay said that it has witnessed significant upgrades to the company’s technology, performance and customer experience, including tools that make it easier than ever to discover, sell or buy anything. As a part of this, eBay began allowing the buying and selling of NFTs in May 2021.

“We founded KnownOrigin to empower creators and collectors by giving them the ability to showcase, sell, and collect unique, authenticated digital items," said David Moore, co-founder, KnownOrigin.

“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," Moore said.

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Updated: 23 Jun 2022, 04:57 PM IST
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