eBay has announced the acquisition KnownOrigin, a NFT marketplace that will help the e-commerce company venture further into the world of blockchain technology and digital collectibles.
KnownOrigin has been purchased for an undisclosed amount. The firm enables artists and collectors to create, purchase and resell NFTs via blockchain-enabled transactions. KnownOrigin co-founder David Moore in a statement said that the company was founded to “empower creators and collectors by giving them the ability to showcase, sell and collect unique, authenticated digital items.
eBay began allowing users to buy and sell NFTs in May of last year, at a time when increasing public interest in digital collectibles resulted in precipitous price increases. In May, the e-commerce giant announced its debut collection of NFTs through a collaboration with OneOf, a green NFT platform.
The move signals eBay’s continued interest in leveraging cryptocurrency and blockchain technology to improve its operations. eBay is one of the first e-commerce sites, and it is now aiming to become the preferred destination for Generation Z and millennials.
