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Tuesday, March 28, 2023

E-Commerce Giant Ebay Acquires NFT Marketplace Knownorigin

E-Commerce Giant Ebay Acquires NFT Marketplace Knownorigin – On Wednesday, Ebay announced that it had acquired the NFT marketplace Knownorigin. Jamie Iannone, the chief executive officer of Ebay, spoke about NFTs, cryptocurrencies, and how the business is still “evaluating different forms of payments” in February of last year. The market has witnessed $7.8 million in total sales for the UK-based company Knownorigin, according to data from dappradar.com.

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The acquisition is “an essential milestone in Ebay’s tech-led reimagination, bringing in a new era of digital collecting to the world’s top destination for collectibles,” the e-commerce and online auction firm said on Wednesday.

The NFT marketplace, according to CEO Jamie Iannone, is a leader in the digital collectibles sector. Ebay said that the agreement was signed and finalized on June 22, 2022, but the company withheld financial details of the transaction.

Also Read: Tether Launches Stablecoin Pegged to the British Pound Sterling

Iannone stated in a statement that “Ebay is the first stop for consumers throughout the globe who are searching for that ideal, challenging, or distinctive addition to their collection and, with this acquisition, we would remain a leading site as our community is progressively adding digital treasures.”

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The CEO of Ebay added:

“The outstanding, ardent, and devoted network of artists and collectors that Knownorigin has amassed makes them an ideal addition to our marketplace for sellers and buyers. We are eager to welcome these innovators as new members of the Ebay community.”

The purchase of Knownorigin by Ebay came during the crypto winter, a period when many people anticipate a significant number of mergers and acquisitions in the cryptocurrency sector.

The CEO of Ripple Labs, Brad Garlinghouse, predicted an increase in M&A in the blockchain and cryptocurrency market during the first week of June. Sam Bankman-Fried, the CEO of FTX, added at the end of May that the company is prepared to spend billions on acquisitions.

Also Read: Wechat to Prohibit Accounts From Providing Some NFT and Crypto Services

The company that runs the decentralized exchange (dex) Uniswap, Uniswap Labs, stated two days prior to the Knownorigin acquisition that it had bought the NFT aggregation platform Genie.

Uniswap Labs explained: “today we’re expanding our products to include both ERC-20s and NFTs in pursuit of our aim to unleash universal ownership and exchange. We are happy to announce that we have acquired Genie, the first marketplace aggregator for NFTs, which enables trading of NFTs across most platforms.”

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