eBay, a California-based American e-commerce firm, has disclosed an acquisition deal that affirms its takeover of UK-based NFT Marketplace KnownOrigin. The deal is meant to bring the concept of NFTs to a broader audience as it leverages eBay’s reputation.
eBay moves closer to the crypto world with the acquisition of KnownOrigin
In a press release, it was revealed that both eBay and KnownOrigin had signed and closed the acquisition deal as of June 21, 2022. Other details including purchase price and timeline of discussion were withheld.
With the acquisition of KnownOrigin, eBay moves closer to the world of virtual assets, solidifying its image in the digital scene in such a period when interest in cryptocurrencies is growing exponentially.
Jamie Iannone, CEO of eBay, noted that eBay seeks to remain a “leading site” for the purchase of collectibles with this deal. “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,” said Iannone.
eBay has shown periodic interest in the world of cryptocurrencies. In May of 2021, the e-commerce company started giving its users the opportunity to sell NFTs for collectibles like images or videos. Early this year, CEO Janie Iannone revealed the company’s plans to integrate crypto payments on its platform in the future.
KnownOrigin is one of the world’s first NFT marketplaces
eBay clearly seeks to tap into the crypto craze, and with the acquisition of one of the oldest NFT marketplaces, it moves even closer to that goal. Co-founder of KnownOrigin, David Moore, noted that the partnership with a reputable company like eBay comes at an opportune time considering the growing interest in NFTs.
KnownOrigin was officially launched in 2018 by David Moore, Andy Gray, and James Morgan. The goal was “to bring the technology and art community together and showcase the potential of Blockchain in the art world.” Four years later, it appears that goal is close to being achieved.
The marketplace is built on the Ethereum blockchain, and had its Series A funding round early this year, raising $4.85 million. The funding involved crypto investment firms Sanctor Capital and Genesis Block Ventures.