US online e-commerce giant eBay has acquired the Manchester-based NFT marketplace named “KnownOrigin”. The amount of capital that was invested in finalizing this deal remains undisclosed. As part of the acquisition, all three KnownOrigin co-founders – Andy Gray, David Moore and James Morgan – will join the eBay team. The deal was finalized on June 21. eBay announced the development in an official blog post. He revealed that the entire KnownOrigin team has also been integrated into the eBay team.
The 26-year-old e-commerce platform has been making efforts to establish itself as an important brand in the NFT arena.
“eBay is the first stop for people around the world looking for that perfect, hard to find or unique addition to their collection and with this acquisition we will continue to be a leading site as our community adds more and more collectibles. digital,” Jamie Iannone, CEO of eBay, said in the blog post.
Founded in 2018, KnownOrigin enables NFT artists and collectors to make, buy, and resell non-fungible tokens (NFTs).
“As interest in NFTs continues to grow, we believe the time is right for us to partner with a company that has the reach and experience of eBay. This is the start of a new chapter. in KnownOrigin’s history. This partnership will help us attract a new wave of NFT creators and collectors,” KnownOrigin co-founder David Moore said in a statement.
Earlier in May, eBay released its first NFT collection named “Genesis”. It features a 3D and animated representation of Canadian hockey legend Wayne Gretzky. NFT versions of other sports players who have graced the cover of Sports Illustrated magazine over the years have also gone on sale.
NFT sales hit $25 billion (about Rs 1,84,700 crore) in 2021 as the speculative crypto asset exploded in popularity, data from market tracker DappRadar showed.
Until a few months ago, OpenSea was the only reigning name in the NFT market, but lately more and more brands are popping up.
This month, the American software company Salesforce launched its NFT platform named “NFT Cloud”.
In January, the newly launched LooksRare Marketplace recorded a sales volume of $394 million (about Rs 2,912 crore) in just three days after its launch.