E-commerce and online auction giant Ebay has announced that the company has acquired non-fungible token (NFT) marketplace Knownorigin. Ebay said the acquisition is an “important step in Ebay’s technological reimagining.”
Ebay buys NFT Marketplace to make e-commerce site the world’s number one destination for collectables
eBay revealed Wednesday that the company bought the NFT market known origin. Back in February, Ebay CEO Jamie Iannone discussed NFTs, cryptocurrencies, and how the company continues to “evaluate other forms of payment.” Knownorigin is a UK based company and according to dappradar.com statisticsthe market recorded $7.8 million in all-time sales.
The e-commerce and online auction company said on Wednesday the acquisition was “an important step in Ebay’s technological reimagining, ushering in a new era of digital collection to the world’s premier destination for collectibles.” CEO Jamie Iannone also spoke about the acquisition and said NFT Marketplace is a leader in the digital collectibles industry. Ebay, however, did not disclose the financials behind the deal and the company said the deal was signed and closed on June 22, 2022.
“Ebay is the first stop for people around the world looking for that perfect, hard to find or unique addition to their collection and with this acquisition we will continue to be a leading site as our community adds more and more collectibles. digital,” Iannone explained in a statement. The Ebay CEO added:
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.
Ebay’s acquisition of Knownorigin comes during the crypto winter, and at a time when many believe there will be quite a bit of mergers and acquisitions within the crypto industry. During the first week of June, Ripple Labs CEO Brad Garlinghouse said, “I think there will be an increase in mergers and acquisitions in the blockchain and crypto space.” Additionally, FTX CEO Sam Bankman-Fried explained in late May that FTX was ready to roll out billions on acquisitions.
Two days before the acquisition of Knownorigin, the company that operates the Uniswap decentralized exchange (dex), Uniswap Labs, announcement that it acquired the NFT Genie aggregation platform. “In pursuit of our mission to unlock universal ownership and exchange, today we are expanding our products to include both ERC-20s and NFTs,” Uniswap Labs detailed. “We are delighted to announce that we have acquired Geniusthe first NFT market aggregator, which allows anyone to discover and trade NFTs on most platforms.
What do you think of the acquisition of Knownorigin by Ebay? Let us know what you think about this topic in the comments section below.
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