eBay’s Introduction to Blockchain Industry
eBay has long been a go-to marketplace for collectors and art enthusiasts. Now, the company is expanding its offerings into the world of NFTs (non-fungible tokens) with the acquisition of KnownOrigin. With this move, eBay is positioning itself to become a major player in the burgeoning NFT market. KnownOrigin will provide a marketplace for artists and collectors to create, purchase and resell NFTs via blockchain-enabled transactions.
This is a major development for the NFT space, as it gives legitimacy to the technology and could help to attract more mainstream users. eBay is a trusted name in e-commerce, and its involvement could help to boost confidence in NFTs. The move also underscores the growing interest in NFTs from both collectors and businesses. As the market continues to develop, we can expect to see more major players get involved.
E-commerce behemoth eBay has made public its intention to acquire KnownOrigin, a marketplace for nonfungible tokens (NFTs), which will assist the corporation is expanding its operations into the realm of blockchain technology and digital collectibles.
eBay Purchase British Company, KnownOrigin
KnownOrigin, a company with headquarters in Manchester, was reportedly acquired for a sum that has not been made public, as stated in a press statement issued on Wednesday. Transactions enabled by blockchain technology provide artists and collectors with the ability to generate, acquire, and resale non-fungible tokens (NFTs).
In a statement, David Moore, one of the co-founders of KnownOrigin, said that the company was established with the goal of “empower[ing] creators and collectors by giving them the ability to showcase, sell, and collect unique, authenticated digital items.” Moore also said that the company was established because: “Since there is an ever-increasing level of interest in NFTs, we consider the present moment to be the ideal opportunity for us to collaborate with a business that has the same level of visibility and expertise as eBay.”
In May of 2017, eBay introduced a feature that let users purchase and sells non-fungible tokens (NFTs), coinciding with a period in which rising levels of consumer interest in digital collectibles caused prices to skyrocket. The e-commerce giant made the announcement in May about the launch of its first collection of NFTs via a partnership with OneOf, a platform for green NFTs. eBay chief executive Jamie Iannone said:
“Because KnownOrigin has amassed such an outstanding, enthusiastic, and devoted community of artists and collectors, we see them as the ideal complement to our existing community of vendors and shoppers. When these pioneers become a part of the eBay community, we can’t wait to give them a warm welcome.”
eBay intends to Commit more toward Blockchain Technologies
This action demonstrates eBay’s ongoing commitment to enhancing its business processes via the use of bitcoin and blockchain technologies. eBay was one of the first websites to provide online shopping, and the company’s current objective is to position itself as the go-to location for members of Generation Z and millennials. It was revealed earlier this year that the company has been looking at the possibility of integrating cryptocurrency payment methods for quite some time.
During the course of the recent past, the world of cryptocurrencies has seen the emergence of hundreds of new NFT initiatives, many of which seem to be modelling themselves after the multimillion-dollar sales of digital artwork on internet marketplaces. The incorporation of NFTs into an already established market such as eBay, which has around 187 million active buyers, has the potential to prolong the frenzy for an even longer period of time. This is welcomed news for NFT enthusiasts.