eBay acquires KnownOrigin, expanding its foray into NFTs and blockchain
The company enables artists and collectors to create, buy and resell NFTs via blockchain enable transactions.
eBay an eCommerce giant has declared the acquisition KnownOrigin an NFT marketplace that will help the e-Commerce company foray further into the world of blockchain technology and digital collectibles.
Manchester-based KnownOrigin has been purchased for an undisclosed amount. The firm enables artists and collectors to create, buy and resell NFTs via blockchain to enable the transaction. KnownOrgin co-Founder to "empower creators and collectors by giving them the ability to showcase sell and collect unique, authenticated digital items" stating:
"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."
eBay began allowing users to buy and sell NFTs in May of last year, at a time when increasing public interest in digital collectibles resulted in a precipitous price increase. In May the e-Commerce giant declared its debut collection of NFTs through a collaboration with one of, the green NFT platforms eBay chief executive Jamie plan none said:
"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."
The Move signals eBay's continued interest in leveraging cryptocurrency and blockchain technology to improve its operations. eBay is one of the first e-commerce sites, and it is now aiming to become the preferred destination for Generation Z and millennials. the firm has been looking to integrate crypto payment options for quite some time.
Hundreds of NFT projects have appeared in the cryptocurrency world, seemingly emulating the multimillion-dollar sales of digital artwork on online markets. The inclusion of NFTs in an established market like eBay with approx 187 million active buyers can extend the frenzy for even longer