eBay Expands NFT Foray With ‘KnownOrigin’ Marketplace Acquisition

E-commerce enterprise eBay

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Categories: Cryptocurrency

The world’s largest e-commerce enterprise, eBay has extended its reach into the world of digital collectibles and blockchain by acquiring Manchester-based marketplace KnownOrigin. The move comes only a month after eBay released its debut NFT collection in partnership with Tezos and Polygon-based NFT platform OneOf.

KnownOrigin enables artists and collectors to create, buy and resell NFTs through blockchain-enabled transactions. Co-founder David Moore said in a statement that the company was created to "empower makers and collectors by giving them the ability to display, sell and collect unique, certified digital items."

It was only a year ago that eBay began allowing its users to buy and sell NFTs, at a time when the market exploded. Its foray into collectibles shows its continued interest in leveraging cryptocurrency and blockchain technology to improve its operations, and eBay has also begun looking to integrate crypto payment options.

Over the last few months, hundreds of NFT projects have appeared in the cryptocurrency world, seemingly emulating the multimillion-dollar sales of digital artwork on online markets. The inclusion of NFTs in an established market like eBay, with approximately 187 million active buyers, has the ability to extend the frenzy for even longer.

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