eBay acquires NFT marketplace KnownOrigin, furthering its NFT venture

American e-commerce giant eBay has disclosed that it has taken over the NFT marketplace KnownOrigin for an undisclosed fee. 

KnownOrigin is a UK-based NFT trading platform founded in 2018 and, according to DappRadar, has completed about US$7.8 million worth of trades from launch to date. In February, the platform completed a Series A funding round led by crypto venture capital firms GBV and Sanctor Capital, where it raised US$ 4.3 million.

In a press release on Wednesday, eBay said it had acquired the entirety of the company, including its IPs and team.

In a statement, eBay CEO Jamie Iannone confirmed that the company would continue participating in the NFT space. ‘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.’ Iannone commented on the acquisition.

KnownOrigin co-founder David Moore also said, 'As interest in NFTs continues to grow, we believe now is the perfect time for us to partner with a company that has the reach and experience of eBay.' He added that the partnership would help attract more users.

eBay’s recent acquisition signifies the company’s ambition to consolidate itself in the Web3 space. Last month, it issued its debut NFT collection via a partnership with Web3 platform OneOf. In May last year, it also began allowing users to trade NFTs on its platform. 

eBay has identified NFTs as a potential area for growth. While its acquisition of KnownOrigin is a step in the right direction, it would still face stiff competition from other brands in the sector.