eBay, a popular online retailer has acquired KnownOrigin, one of the innovative Non-Fungible Token (NFTs) marketplaces around. It announced the purchase as it looks to strengthen its position in the nascent digital world.
While the terms of the deal were not disclosed, eBay will take over KnownOrigin’s team as well as its IP. Acquiring the NFT marketplace puts eBay in a commanding position as an online retailer as it continues to add virtual collectibles.
With the new acquisition, the three founders of KnownOrigin, Andy Gray, David Moore, and James Morgan will join the eBay board. The acquisition presents an opportunity for KnownOrigin to onboard a fresh breed of creators and collectors leveraging eBay’s reach.
Founded in 2018 as a UK-based NFT marketplace built on the Ethereum network, the creator-centered platform focuses on digital art. With the eBay acquisition, KnownOrigin will be able to reach a wider audience and become a global platform.
KnownOrigin’s addition will help eBay cover some ground as it looks to contend with a host of crypto-native NFT marketplace.
The acquisition affirms eBay’s position as the first stop for users interested in unique additions to their collections, according to Jamie Lannone, eBay’s CEO. He added that KnownOrigin with its extraordinary group of creators and collectors makes them an excellent addition and he’s thrilled to have them on board.
As part of the plans to upgrade its technology, the online retailer started buying and selling NFTs in May 2021. It also partnered OneOf, an environmentally friendly Web3 platform to launch its collections of NFTs earlier this year.
The collections were based on National Hockey League (NHL) star, Wayne Gretsky. The Gretsky-inspired NFTs were classified into four grades; green, gold, platinum, and diamond.