eBay acquires UK-based NFT market Identified Origins

  • The acquisition follows eBay’s sports-themed NXT assortment, which was unveiled in Might
  • The urge for food for NFTs has stung in latest months

World e-commerce platform eBay stated on Wednesday that it has acquired UK-based NFT Market for an undisclosed quantity to additional its efforts within the digital collectibles sector.

Based in 2018 in Manchester, UK, KnownOrigin is a blockchain-powered market that enables artists and collectors to create, purchase and promote NFTs (Fungible Tokens). In response to a press release, the deal has been finalized as of Tuesday, with little element on the way in which.

The transfer follows eBay’s latest foray into NFT territory, the place the platform launched its sports-themed Genesis assortment in Might, regardless of waning curiosity from collectors and buyers for digital collectibles. eBay first started permitting the shopping for and promoting of NFTs in Might 2021.

“Identified Origins has constructed an influential, passionate and dependable group of artists and collectors, making them an ideal addition to our neighborhood of sellers and patrons,” eBay CEO Jamie Iannone stated within the assertion. “We stay up for welcoming these innovators as they be a part of the eBay neighborhood.”

NFT has slowly moved into the mainstream since early 2020 after famend digital artist Beeple offered its “The First 5000 Days” at public sale home Christie’s for over $69 million. That sale sparked a flurry of bold and opportunistic sellers hoping to capitalize on the profitable enterprise.

Present market situations have since slowed gross sales and curiosity in digital collectibles, which peaked late final yr. The 90-day buying and selling exercise knowledge on widespread NFT marketplaces akin to OpenSea is displaying regular month-on-month declines.

Nonetheless, an organization like eBay – which final yr facilitated greater than $87 billion in gross buying and selling quantity – may show to be a boon to the rising sector by elevating the profile of NFTs within the thoughts of the common client.

eBay’s transfer towards promoting and shopping for NFTs will also be seen as a defensive stance since its largest rival, Amazon, started flirting with the thought in April.

Amazon CEO Andy Jesse beforehand stated that on the time he envisioned a “potential” future the place the platform offered digital collectibles backed by blockchain expertise, although particulars of when and if this is able to occur are unclear.

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  • Sebastian Sinclair


    Senior Reporter, Asia Information Desk

    Sebastian Sinclair is a senior information reporter for BlockWorks working in Southeast Asia. He has some growth expertise protecting the crypto market in addition to affecting the trade together with regulation, enterprise and M&A. He presently doesn’t have any cryptocurrency. Contact Sebastian Through E mail [email protected]

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