EBAY announced Today it is acquiring Manchester-based NFT marketplace KnownOrigin. Financial terms of the deal were not disclosed. eBay says the companies signed and closed the deal by June 22.
KnownOrigin was founded in 2018 by Andy Gray, David Moore and James Morgan. All three co-founders are joining eBay. Platform Enables artists and collectors to create, buy and resell NFTs. eBay says it is acquiring the entire company, including the IP and the team.
“Ebay is the first stop around the world for those 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 increasingly Adding Digital Collectibles eBay CEO Jamie Iannone said in a statement. “KnowOrigin 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 to the eBay community.”
The acquisition comes a month after eBay launched its first collection of NFTs in partnership with Web3 platform OneOff. The company’s new “Genesis” NFT collection will feature 3D and animated interpretations of iconic athletes featured on Sports Illustrated covers over the years. eBay says the boom in the collectibles market marks the first foray into the NFT sector.
Although eBay has a significant presence in online shopping, the company will have its work cut out to compete with the dozens of crypto-native NFT marketplaces that already exist. However, its acquisition of KnownOrigin indicates that the company is getting serious about NFTs.
“We founded KnownOrigin to empower creators and collectors by giving them the ability to showcase, sell and collect unique, certified digital items,” KnownOrigin co-founder David Moore said in a statement. “As interest in NFTs continues to grow, we believe now is the right time for us to partner with a company that has the reach and experience of eBay. With similar communities being built, we’re excited to have the opportunity to bring a new audience on this journey. It’s the beginning of a new chapter in the KnownOrigin story and what better time to focus on building and innovation with the team we at eBay. can choose not to. This partnership will help us attract a new wave of NFT creators and collectors.”
eBay says that NFTs represent an important area of growth for its business. Company’s latest acquisition Blockchain makes its push into the world of technology and digital collectibles.