E-Commerce Giant eBay Acquires NFT Marketplace Knownorigin

E-Commerce Giant eBay Acquires NFT Marketplace Knownorigin

The e-commerce and online auction giant, eBay, has announced that the company has acquired the non-fungible token (NFT) marketplace Knownorigin. It has declared that the acquisition was an "important step in eBay’s tech-led reimagination."

eBay to Emerge as the World’s Top Destination for Collectibles

eBay revealed on Wednesday that the company has purchased the NFT marketplace Knownorigin. Last February, eBay’s chief executive officer, Jamie Iannone, discussed NFTs, cryptocurrencies, and how the company continues to "evaluate other forms of payments." Knownorigin is a UK-based company, and according to dappradar.com stats, the marketplace has seen $7.8 million in all-time sales.

The e-commerce and online auction corporation said on Wednesday that the acquisition is an "important step in eBay’s tech-led reimagination," ushering in a new era of digital collection for the world’s top destination for collectibles. CEO Jamie Iannone also spoke about the acquisition and said that the NFT marketplace was a leader in the digital collectibles industry. However, he did not disclose the financials behind the deal, and the company said the deal was signed and closed on June 22, 2022.

Iannone explained in a statement that "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," The eBay CEO added:

"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's acquisition of Knownorigin comes at a time when many people believe there will be a lot of mergers and acquisitions in the crypto industry. During the first week of June, Ripple Labs CEO, Brad Garlinghouse, said, "I think there’ll be an uptick in M&A in the blockchain and crypto space." Additionally, FTX CEO Sam Bankman-Fried explained at the end of May that FTX is ready to spend billions on acquisitions.