Popular online commerce mogul eBay has acquired an NFT Marketplace, KnownOrigin. This is part of the company’s expansion into the NFT industry.
The Uk-based NFT platform, KnownOrigin, was created in 2018. The platform allows content collectors and creators to sell and buy digital collectibles.
Although the report declared it a “leading” marketplace, an analysis of the platform says otherwise. As stated by DappRadar, KnownOrigin is a relatively small NFT marketplace.
KnownOrigin is ranked 27th with a low trading volume daily. However, it ranks 8th in terms of ETH-based NFT markets.
The platform has only about 5,189 trades worth over $7.8 million since its launch. However, the announcement did not give details of how the acquisition cost.
eBay Makes A Huge Move To Buy KnownOrigin
Although much is not known about the marketplace, it is still an added advantage for eBay. The CEO of eBay, Jamie Iannone, said the company will make NFTs available for users. He further added that:
“KnownOrigin has a passionate, loyal, and impressive set of collectors and artists. This makes them a great addition to the eBay community of buyers and sellers.”
The first time eBay ventured into the world of NFTs was in 2021. Then, it allowed customers to purchase and sell a variety of digital collectibles.
Also, the report said it was considering adding a crypto payment feature for its users in May 2021. However, the recent acquisition gives eBay full access to an NFT platform of its own.
As a result, the company can increase security and ensure buyers get the best. Also, the present system eBay operates allows registered sellers to list their NFTs differently. They can use a format that sellers use to list physical items.
Unfortunately, the present system has limitations. Among them are the geographical restrictions and the absence of bidding during an auction. There is also a limit of $10,000 on items users can buy.
eBay Launched NFT collections In May
eBay launched its NFT collection in May after partnering with OneOf, a web3 platform. The NFT collection termed “Genesis” featured animated and 3D versions of several athletes.
Also, these athletes were those featured on the covers of Sports Illustrated over the past years. Users could buy and resell any NFT of their choice.
Furthermore, more acquisitions and investments have been ongoing in the NFT sector. Despite the fall in sales volume recently, various brands continue to delve into NFTs.
According to BeinCrypto, Magic Eden, a popular NFT market, secured another fundraising. As a result, the valuation of the Solana-based market has increased to over $1.6 billion.