Elain Brown Tech 06.23.2022 05:Jun AM EDT

eBay Acquires NFT Marketplace KnownOrigin, For Tech-led Reimagination

KnownOrigin is a well-established marketplace for non-fungible tokens (NFTs), and eBay, the e-commerce company, has recently purchased the company. This shows that eBay has truly and completely embraced NFTs.

Although eBay claims that the companies have signed and finalized the deal as of June 21s, the financial details of the transaction have not been made public.

eBay NFT KnownOrigin

eBay is continuing to expand its reach in NFT as part of their tech-led reimagination for the company.

According to Engadget, eBay CEO, Jamie Iannone, stated in a statement, "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."

Last year, eBay made its initial foray into non-fungible tokens (NFTs).

Engadget reported that in May of 2021, it opened up its platform to sellers who could meet the requirements set by the company for the sale of NFTs.

During that time, the company stated that it would expand its platform with additional capabilities that enable blockchain-driven collectibles.

CoinDesk reports that since 2018, KnownOrigin has been operating as a platform that provides artists with the opportunity to create and sell their artwork as NFTs in exchange for cryptocurrency payments.

KnownOrigin has been responsible for facilitating NFT transactions worth a total of $7.8 million since it was first launched.

In February, crypto venture capital firms GBV and Sanctor Capital led a Series A funding round that helped KnownOrigin raise $4.3 million.

KnownOrigin was founded with the mission of empowering artists and collectors by launching a platform that would allow them to showcase unique artworks, sell them, and collect them.

KnownOrigin's co-founder, David Moore, stated that as more people become interested in NFTs, the company believes it is an ideal time for a strategic partnership with a business that has the same level of reach and expertise as eBay.

Moore stated, "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."

He then added, "This partnership will help us attract a new wave of NFT creators and collectors."

eBay's NFT

Last month, in May, eBay released its first NFT collection in partnership with the Polygon-based NFT marketplace, OneOf.

Even though EBay's CEO, Jamie Iannone, had been hinting at the possibility of integrating the technology for months prior, the company did not make its interest in digital collectibles official until the beginning of May.

The hockey-themed NFT release of 13 limited-edition digital collectibles. Each of these collectibles features a 3D-animated render of the legendary hockey player Wayne Gretzky.

According to the previous report by CoinDesk, eBay's NFT prices ranged from $10 to $1,500. The NFTs that were released also featured legendary ice hockey player Wayne Gretzky.

With this current acquisition, it is clear that the e-commerce company is planning to continue their expansion into the blockchain, particularly by delving into NFTs.

It is safe to assume that customers can further expect further NFT action from eBay.