eBay Delves Deeper Into NFTs With KnownOrigin Acquisition

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Online com­merce giant eBay has announced the acqui­si­tion of a non-fun­gi­ble token mar­ket­place as it extends its for­ay into the NFT ecosystem.

eBay announced that it had acquired a NFT mar­ket­place called KnownO­ri­gin mark­ing its largest move into the dig­i­tal col­lectibles space.

U.K.-based KnownO­ri­gin was found­ed in 2018 as a plat­form to enable con­tent cre­ators and col­lec­tors to buy and sell NFT dig­i­tal col­lectibles on the blockchain. The announce­ment described it as a “lead­ing” mar­ket­place, but ana­lyt­ics plat­forms tell a dif­fer­ent story.

Accord­ing to Dap­pRadar, it is a min­now in the world of NFT mar­ket­places, ranked at 27th with just a cou­ple of hun­dred dol­lars in dai­ly trade vol­ume.  How­ev­er, in terms of Ethereum-based NFT mar­ket­places, it is ranked in eighth place. The plat­form has facil­i­tat­ed 5,189 trades worth $7.8 mil­lion since it launched.

Fur­ther details of the acqui­si­tion such as finan­cials were not revealed in the announce­ment.

Big move for eBay

Despite the rel­a­tive obscu­ri­ty of the plat­form, it is still a mas­sive move by eBay. Jamie Ian­none, the firm’s CEO, said that the com­merce plat­form is often used to search for unique addi­tions to col­lec­tions, before adding:

“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.”

eBay first ven­tured into NFTs in May 2021 when it allowed users to buy and sell dig­i­tal col­lectibles. It was also report­ed­ly mulling cryp­to pay­ment options in the same month.

The acqui­si­tion grants eBay a ful­ly-fledged NFT plat­form that it can con­trol. This will add more secu­ri­ty to the process and peace of mind for buy­ers beyond just rely­ing on sell­er integrity.

eBay’s cur­rent sys­tem allows approved sell­ers to list NFTs in the same for­mat as a phys­i­cal item. Many list­ings also have details of NFT mint num­bers and cryp­to wal­let details for post-sale transfers.

There are some lim­i­ta­tions, how­ev­er, with a $10,000 ceil­ing on items, no abil­i­ty to bid in an auc­tion, and geo­graph­i­cal restrictions.

eBay NFT collections

eBay has grand ambi­tions for NFTs, hav­ing launched its own col­lec­tion last month in part­ner­ship with Web3 plat­form One­Of. The “Gen­e­sis” NFT Col­lec­tion fea­tured 3D and ani­mat­ed ver­sions of ath­letes fea­tured on Sports Illus­trat­ed cov­ers over the years.

NFT invest­ments and acqui­si­tions are still occur­ring despite a slump in sales and vol­umes dur­ing the bear mar­ket. Be[in]Crypto report­ed that Solana-based NFT mar­ket­place Mag­ic Eden had secured anoth­er fund­ing round push­ing its val­u­a­tion up to $1.6 billion.

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