eBay truly has fully embraced non-fungible tokens: The e-commerce company has acquired KnownOrigin, an established marketplace for digital art NFTs. As CoinDesk notes, eBay hasn’t disclosed how much it paid for the marketplace, but it said in its announced that the purchase is an “important step in [its] tech-led reimagination.” KnownOrigin has been around since 2018 and gives artists a platform they can use to create and sell their art as NFTs in exchange for cryptocurrency payments. Based on information from DappRadar, which tracks data on decentralized apps, KnownOrigin has facilitated $7.8 million worth of NFT transactions since its inception.
Jamie Iannone, eBay CEO, said in a statement:
“eBay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles.”
eBay made its first foray into NFTs as part of its “tech-led reimagination” last year. It allowed the sale of NFTs on its platform in May 2021 for sellers that meet the company’s standards. Back then, it told Reuters that it will add more capabilities “that bring blockchain-driven collectibles” to its platform. This May, the company launched an NFT collection of its own, releasing 13 limited-edition digital collectibles that feature 3D-animated renders of hockey legend Wayne Gretzky. In fact, we can expect the company to launch more NFT collections throughout the year. eBay and OneOf, its Web3 partner for the Gretzky drop, said they plan to release more NFTs in the coming months featuring other athletes and updated versions of iconic Sports Illustrated covers.
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.