eBay has acquired KnownOrigin, a UK-based non-fungible token (NFT) marketplace. Financial details of the deal were not disclosed.
Founded in 2018, KnownOrigin’s technology and platform enables artists and collectors to create, buy and resell NFTs via blockchain-supported transactions.
The acquisition is part of eBay’s ongoing “tech-led reimagination,” which has also included the debut of a digital wallet, tools to make commerce on the platform more seamless and plans for the eBay Vault, a physical storage facility for high-end collectibles. In fact, a large part of eBay’s long-term growth strategy focuses on collectors, and the acquisition of KnownOrigin will further the company’s capabilities in the realm of digital collecting. eBay began allowing the buying and selling of NFTs on its platform in May 2021.
“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,” said Jamie Iannone, CEO of eBay in a statement. “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.”
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eBay isn’t the only retailer interested in getting into NFT trading. GameStop is planning to launch its own NFT Marketplace later this year as that company also looks to reinvent itself as a tech-focused ecommerce retailer.
