An e-commerce giant, eBay has declared the acquiring KnownOrigin, an NFT (non-fungible token) marketplace that will aid the e-commerce firm foray ahead into the world of digital collectibles and blockchain technology.
Elaborate more on eBay acquiring KnownOrigin
On Wednesday, a press release was issued stating that the Manchester-based KnownOrigin has been brought for an undisclosed amount. The company allows collectors and artists to buy, create and resell NFTs through blockchain-enables transactions.
Shed some light on the e-commerce giant eBay and its entry into the NFT world
Talking about eBay, the company enabled users to sell and buy NFTs in May the previous year, at a time when rising public interest in digital collectibles yielded precipitous price rise. The e-commerce giant, in May, declared its debut collection of NFTs via collaboration with one of, the green NFT platforms.
What does eBay anticipate with this deal?
The stance indicates eBay’s persistent interest in supporting blockchain technology and crypto to enhance its operations. eBay is one of the first e-commerce portals, and it is now targeting to become the favored destination for millennials and Gen Z.
How will this acquisition affect the NFT world?
Hundreds of NFT projects have come up in the crypto world over the last few months, seemingly emulating the multimillion-dollar sales of digital artwork on online markets. The incorporation of NFTs in a well set up market such as eBay, with around 187 million active buyers has the potential to extend the frenzy for even longer.
