eBay, an e-commerce giant, has announced the acquisition of KnownOrigin, a nonfungible token (NFT) marketplace that will help the e-commerce company advance in the world of blockchain technology and digital collectibles.
According to a press release on Wednesday, Manchester-based KnownOrigin has been bought for an undisclosed amount. The company enables artists and collectors to create, buy and sell NFTs through blockchain transactions. KnownOrigin co-founder David Moore said in a statement that the company was founded to “empower creators and collectors by giving them the ability to view, sell and collect unique, authentic digital items,” he added:
“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.”
eBay began allowing users to buy and sell NFTs in May of last year, at a time when growing public interest in digital collectibles resulted in sharp price increases. In May, the e-commerce giant announced its debut collection of NFTs through a partnership with OneOf, a green NFT platform. Jamie Iannone, CEO of eBay said:
“KnownOrigin has built an impressive, passionate and loyal group of artists and collectors, making them a perfect complement to our community of sellers and buyers. We look forward to welcoming these innovators as they join the eBay community.”
The move signals eBay’s continued interest in using cryptocurrency and blockchain technology to improve its operations. eBay is one of the first e-commerce sites, and it now aims to become the preferred destination for Generation Z and illennials. Earlier this year, Cointelegraph reported that the company had been trying for some time to integrate cryptocurrency options.
Related: Online marketplace eBay to allow NFT sales
In recent months, hundreds of NFT projects have appeared in the world of crypto-currencies, which apparently emulate the multi-million dollar sale of digital artwork on online markets. The inclusion of NFTs in an established market such as eBay, with about 187 million active buyers, has the potential to extend the frenzy even further.