eBay Buys NFT Marketplace KnownOrigin, And That Could Change Everything
Major retail forums have danced around NFTs over the past year. The likes of the Epic Games Store have offered mixed signals, but eBay isn’t. Today it has jumped and bought one of the largest and most respected NFT marketplaces around. And its anonymous offering to KnownOrigin is sending ripples through the metaverse. KnownOrigin is [...]
Major retail forums have danced around NFTs over the past year. The likes of the Epic Games Store have offered mixed signals, but eBay isn’t. Today it has jumped and bought one of the largest and most respected NFT marketplaces around. And its anonymous offering to KnownOrigin is sending ripples through the metaverse.
KnownOrigin is one of the most recognized NFT marketplaces. According to crypto tracking site DappRaadar (opens in new tab), the platform, which provides a place for artists and creators to sell, resell and collect NFTs, is ranked 12th in the world for trading volume. The deal with eBay means the auction platform will have everything, including KnownOrigin’s technology, IP, and team.
This could be the first step on the ladder for NFTs to enter the mainstream
The purchase of KnownOrigin by eBay is exciting for artists and creators, and we may even see the introduction of NFT 2.0. This could be the first step on the ladder for NFTs to enter the mainstream, and it could also mean that the merging of digital art and physical artifacts into real life becomes a new standard.
It certainly looks like we are on the verge of something big; The adoption of eBay’s NFT and crypto wallets can also give buyers the confidence that what they are buying is an authentic product, collectible or piece of art, as the ownership of an item can be traced on the blockchain.
eBay has purchased NFT marketplace KnownOrigin for an undisclosed amount (Image credit: eBay)
In a statement (opens in new tab) eBay CEO Jamie Iannone says: “Ebay is the first stop around the world for those searching 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 increasingly engages in digital collectibles.”
He adds: “KnowedOrigin has built up an influential, 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 Have joined the eBay community.”
KnowOrigin’s buyout has opened doors, making eBay fully capable of collecting in NFT sales, resale and auction sites.
NFTs are not new to eBay. The site started offering blockchain collectibles last year and recently released a new collection of game NFTs as of last month. But till date, the take-up has been limited, with only trusted partners able to offer products in narrow categories.
The purchase of KnowOrigin opened the doors, enabling eBay to bring full crypto wallet connectivity along with a fully NFT sale, resale and collecting in the auction site. The deal could usher in a new NFT 2.0 era, lowering the barriers to entry in non-fungible tokens. The technology behind NFTs is likely to be easier to understand and the value they represent more transparent. Above all, eBay is already trusted by millions, and this could impact NFT sales now.
KnownOrigin is the 12th largest NFT marketplace, and now eBay can integrate its technology (Image credit: KnownOrigin)
“We founded NonOrigin to empower creators and collectors by giving them the ability to showcase, sell and collect unique, certified digital items,” said David Moore, co-founder of NoneOrigin.
He continues: “As interest in NFTs continues to grow, we believe now is the right time for us to partner with a company that has the access and experience of eBay. For more than twenty-five years We are excited about the opportunity to bring new audiences on this journey, with communities building similar communities of passionate individuals.”
This partnership will help us attract a new wave of NFT creators and collectors. (David Moore, co-founder of NoneOrigin)
KnownOrigin launched in 2018. Moore views the eBay acquisition as a new chapter, saying: “This is the start of a new chapter in the KnownOrigin story and we couldn’t have chosen a better time to focus on building and innovation with the team at eBay.” .. This partnership will help us attract a new wave of NFT creators and collectors.”
You can learn more about how NFTs work in our comprehensive guide to What are NFTs? And if you’re interested in making your own, check out our How to Make and Sell NFTs explainer. With eBay shutting down KnowOrigin, now may be the best time to begin your journey into the non-fungible token.