eBay acquires NFT marketplace KnownOrigin
E-commerce giant eBay has acquired U.K.-based non-fungible token (NFT) marketplace KnownOrigin, the company announced in a press release on Wednesday.
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Fast facts
According to the press release, both companies signed and closed the deal on Tuesday, but the purchase price and further details on the transaction have not been disclosed.
eBay started supporting NFT trades on its platform in May 2021.
While eBay’s NFT marketplace only supports fiat transactions, KnownOrigin enables users to create, buy and resell NFTs on the blockchain using cryptocurrency.
Some artists on KnownOrigin have voiced their displeasure with the acquisition, with pieces such as “Sellouts” trending on the site today.
KnownOrigin has facilitated US$7.8 million in trade volume since launching in 2018, and raised US$3.5 million in a Series A round in February, according to Crunchbase.
eBay shares rose by about 2% to US$43.13 at premarket trading as of press time.
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