eBay, one of the largest online marketplaces, has purchased KnownOrigin for an undisclosed price.
Introduction to eBay
eBay is a publicly traded company connecting sellers and buyers. It has millions of users around the world and has started to offer NFTs very recently.
The company currently sells digital products in the same format as physical goods and even offers authenticity guarantees to attract more people.
This acquisition will allow it to take the next step in digital transformation as it will now have control over a digital marketplace where NFTs can be both controlled and monitored.
Introduction to KnownOrigin
KnownOrigin is an NFT marketplace that gives artists an opportunity to create digital, unique, and authentic collectibles called NFTs. The company ranks #12 in terms of trading volume for Ethereum-backed NFTs at $7.8m.
Founded by Andy Gray, James Morgan, and David Moore in 2018, KnownOrigin has carved a niche and uses some unique technologies to make NFTs accessible to one and all.
“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, while talking about his company.
More about the Acquisition
According to eBay, the two companies finalized the deal on June 22nd and all three founders will now be a part of eBay. The company has acquired the entire business, including the team and IP.
“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 eBay CEO Jamie Iannone in a statement. “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.”
This acquisition is the result of eBay’s aim to usher in a new era of digital assets. The company has already seen significant upgrades in performance, customer experience, and technology, and started offering NFT trading in May 2021.
“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 of building similar communities of passionate individuals, we are excited by the opportunity to bring a whole new audience on this journey. This is the start of a new chapter in the KnownOrigin story and we couldn’t choose a better time to focus on building and innovating with the team at eBay. This partnership will help us attract a new wave of NFT creators and collectors,” said Moore.