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eBay acquires KnownOrigin and wants to make greater use of NFTs and blockchain



 E-commerce giant eBay has acquired KnownOrigin. This is a marketplace for non-fungible tokens (NFT) with which the e-commerce company wants to push even further into the world of blockchain technology and digital collectibles.


Manchester-based company KnownOrigin has been bought for an undisclosed sum, according to a press release on Wednesday. Artists and collectors can create NFTs through the company and buy and resell them through blockchain transactions. David Moore, co-founder of KnownOrigin, said in a statement the company was formed to "enable content creators and collectors to showcase, sell and collect unique, authenticated digital objects." In addition, he said:


"As interest in NFTs continues to grow, we believe now is the perfect time for us to partner with a company like eBay that has a wide reach and depth of experience."

Since May last year, users have been able to buy and sell NFTs on eBay. Back then, the growing interest in digital collectibles led to sharp price increases. In May, the e-commerce giant announced its first NFT collection as part of a collaboration with eco-friendly NFT platform OneOf. eBay CEO Jamie Iannone further commented:


"KnownOrigin has built an impressive, passionate and loyal group of artists and collectors, making it a perfect addition to our community of sellers and buyers. We're excited to welcome these innovators to the eBay community."

With this move, eBay is signaling that the online auction house is still interested in using cryptocurrency and blockchain technology to improve its business operations. eBay is one of the first e-commerce sites and now wants to become the go-to place for Gen Z and Illennials. 


Hundreds of NFT projects have surfaced in recent months, also selling digital artworks for millions . The use of NFTs in an established market like eBay with around 187 million active buyers could extend the hype a bit.

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