To prevail over the market leaders in a highly-competitive NFT realm, the newcomers often take over ready-made crypto businesses. Thus, to pave its further way into NFT the e-commerce giant eBay announced the acquisition of the Manchester-based NFT marketplace, KnownOrigin, on June 22nd.

While the deal’s financial issues are kept sealed, some other details have already become known to the public. Thus, eBay purchases the NFT business of KnownOrigin, including its entire team and IP.

Founded back in 2018 the NFT marketplace has much expertise in aiding both creators and collectors to deal with NFTs.

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

Prior to the acquisition of KnownOrigin, eBay made its inaugural foray into NFT in partnership with OneOf. Its first-ever Genesis NFT collection featuring the hockey legend Wayne Gretzky made waves earlier this May.

The current deal promises to be mutually beneficial for both companies, combining eBay’s reach and reputation with KnownOrigin’s expertise in the NFT technology.

“We founded KnownOrigin to empower creators and collectors by giving them the ability to showcase, sell, and collect unique, authenticated digital items. 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,” David Moore, co-founder of KnownOrigin said.

We can’t wait for the launch of the new eBay x KnownOrigin NFT marketplace. And what about you? Join our socials for discussion!