eBay acquires NFT marketplace KnownOrigin

An eBay sign is seen at an office building in San Jose, California May 28, 2014. REUTERS/Beck Diefenbach/File Photo - RTX2BQ1Y

Leading e-commerce company eBay on Wednesday announced the acquisition of NFT marketplace KnownOrigin, a move that will push the company further into the world of digital collectibles.

The details of the transaction have not yet been revealed.

A non-fungible token (NFT) is a financial security consisting of digital data stored in a blockchain, a form of distributed ledger. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded.

The move comes a month after eBay announced its debut collection of NFTs in partnership with Tezos and Polygon-based NFT platform OneOf.

According to DappRadar, Manchester-based KnownOrigin, which was founded in 2018, has facilitated an NFT trading volume of $7.8 million since its launch.

“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.

"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,” he added.

David Moore, co-founder, KnownOrigin, said as interest in NFTs continues to grow, it was the perfect time to partner with a company that has the reach and experience of eBay.

“With more than 25 years of building similar communities of passionate individuals, we are excited by the opportunity to bring a whole new audience on this journey. This is the start of a new chapter in the KnownOrigin story and we couldn't choose a better time to focus on building and innovating with the team at eBay. This partnership will help us attract a new wave of NFT creators and collectors,” Moore said.