eBay Acquires NFT Marketplace KnowOrigin To Enhance Web3 Experience

eBay Acquires NFT Marketplace KnowOrigin To Enhance Web3 Experience

• eBay (NASDAQ:EBAY) acquires NFT marketplace KnowOrigin on Wednesday.
• This acquisition is believed to enhance the e-commerce firm’s vision of integrating web3 technology into its system.
• The acquisition amount is undisclosed.

The international e-commerce platform eBay announced that it acquired NFT marketplace KnowOrigin on June 22 to breakthrough into a new era of web3. The amount of the acquisition is undisclosed.

My first NFT was on @KnownOrigin_io after @selfmadeheroes kept telling me “you should really look into this.” Huge congrats to the team on the acquisition by @eBay

— Brendan Dawes (@brendandawes) June 22, 2022

This acquisition will enable eBay to materialize its vision of becoming the world’s leading destination for collectibles. eBay is currently undergoing tech-led reimagination for upgrading the company’s technology, performance, and consumer experience by including tools to enhance the user experience of buying, selling, and discovering items.

The CEO of eBay Jamie Iannone conveyed his enthusiasm regarding the acquisition, stating:

eBay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or a unique addition to their collection, and with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles.

Moreover, he believes that KnowOrigin has built an impressive, passionate, and loyal group of artists and collectors. Hence, he quips the NFT marketplace as a perfect fit for eBay’s community of sellers and buyers.

Speaking at the occasion, the co-founder of KnowOrigin, David Moore mentioned that “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.”

However, the shares of eBay are presently trending close to their 52-week low of $40.5, wherein Goldman Sachs’ devaluation to sell has created external pressure on the stock for the past two weeks.

Founded in 2018, KnowOrigin is an NFT marketplace that offers artists and collectors to create, buy, and resell NFTs via blockchain-support transactions.

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