Popular American e-commerce firm eBay announced Wednesday that it had acquired the Ethereum-based NFT marketplace, KnownOrigin.
eBay Acquires KnownOrigin
The acquisition is aimed at integrating the non-fungible tokens (NFTs) business into eBay. This will enable eBay’s 180 million users to access services offered by KnownOrigin such as the creation, buying, and selling of NFTs.
Expressing his confidence that the intended purpose for the acquisition will be achieved, Jamie Iannone, the CEO and co-founder of eBay, said:
“[. . .] With this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles. [. . .] We look forward to welcoming [KnownOrigin’s] innovators as they join the eBay community.”
David Moore, the co-founder of KnownOrigin, also commented on the acquisition, noting that it will bolster the customer reach of his company, lifting it from its current 13,000 user peak.
“[W]e believe now is the perfect time for us to partner with a company that has the reach and experience of eBay. With more than twenty-five years building similar communities of passionate individuals, we are excited by the opportunity to bring a whole new audience on this journey,” he said.
Moore added that the development can enable his firm to reach more “NFT creators and collectors.”
Meanwhile, the latest acquisition comes after eBay launched its first NFT collection in partnership with the NFT platform, OneOf, per TechCrunch’s coverage.
NFT Global Market Growth
Since its explosion in 2021, the NFT global market has seen tremendous growth. As of April 2022, the total volume of NFTs traded had surpassed $50 billion, representing more than a 99% increase from last year.
According to analytics platform IntoTheBlock, the total volume of NFTs traded currently sits at a valuation of more than $63 billion.
As the adoption of NFTs continues to increase, more mainstream companies keep on investing in the industry. According to a report earlier this month, global payments company MasterCard partnered with several institutions offering NFT services to ease its users when they buy and sell NFTs.
Another report revealed that French football giant Monaco partnered with NFT company Capital Block to explore the NFT space.