Artists and collectors can use blockchain-enabled transactions to make, buy, and sell NFTs.
eBay, the world’s largest e-commerce corporation, has announced the acquisition of KnownOrigin, a nonfungible token (NFT) marketplace that will enable the company expand into the area of blockchain technology and digital collectibles.
Manchester-based KnownOrigin was purchased for an undisclosed sum, according to a press announcement issued on Wednesday. Artists and collectors can use blockchain-enabled transactions to make, purchase, and resell NFTs. In a statement, KnownOrigin co-founder David Moore stated that the company was formed to “empower creators and collectors by offering them the capacity to promote, sell, and acquire unique, certified digital artifacts,” adding:
“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.”
In May of last year, eBay began enabling customers to purchase and sell NFTs, at a period when rising public interest in digital collectibles resulted in precipitous price jumps. In May, the e-commerce behemoth unveiled its first collection of NFTs in conjunction with OneOf, a green NFT platform. Jamie Iannone, CEO of eBay, stated:
“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.”
The move demonstrates eBay’s ongoing interest in using cryptocurrencies and blockchain technologies to better its operations. eBay was one of the original e-commerce sites, and it now wants to be the favorite destination for Generation Z and millennials.
Hundreds of NFT projects have appeared in the bitcoin realm in recent months, ostensibly imitating the multimillion-dollar sales of digital artwork on internet markets. The introduction of NFTs in a well-established market like eBay, which has around 187 million active buyers, has the potential to prolong the frenzy even further.