eBay To Enhance Web3 Experience Through KnownOrigin Acquisition
- Through this purchase, eBay intends to leverage KnownOrigin’s advanced technology to integrate Web3 technology into its platform.
On Wednesday, global eCommerce giant eBay announced its purchase of KnownOrigin. KnownOrigin has the most advanced technology that powers NFT transactions. Through KnownOrigin’s unique technology and platform, artists can develop unique and genuine digital collectibles (NFTs).
EBay and the Web3 Market
The purchase is one of the ways eBay is revolutionizing its brand to conform with modern Web3 technology. Thus, it can become the platform of choice for NFT enthusiasts and buyers. KnownOrigin started operations four years ago in the UK. Its primary objective is to help artists develop and sell their NFTs in a simplified manner.
Even though it started operations four years ago, KnownOrigin’s growth has been spectacular. Digital artists and NFT enthusiasts have a new way of developing and conducting NFT transactions.
eBay’s CEO, Jamie Iannone, commented on the acquisition. He said, “many people know eBay as the perfect place to find any unique or hard-to-find item. Hence, we aim to keep up with this tradition through this purchase.”
Iannone added that KnownOrigin is the perfect addition to the eBay community because of its outstanding reputation. According to the eBay CEO, the group of artists and collectors on the KnownOrigin platform are loyal to the platform. Also, they have demonstrated an enormous passion for the digital art world.
Iannone further said eBay is delighted to work with this group. Since announcing a tech-led reimagination, the eBay team has been upgrading the platform. The customer and technology experiences have become more top-notch. Also, there are additional tools to enhance users’ experience on the platform.
It has become easier to search, buy and sell any item on the platform. Part of its tech reimagination initiative resulted in enabling NFT transactions last May.
One of KnownOrigin’s founders, David Moore, stated that launching KnownOrigin was to make it easier for creators and collectors to develop, sell or buy unique and genuine digital collectibles. Moore added that they accept to be part of the eBay community to leverage the eCom giant’s reach and experience.
eBay’s 25-year experience in nurturing a group of loyal customers in the eCom niche hugely influenced the KnownOrigin team’s decision to join them. According to Moore, now is the best time to build and innovate with the eBay team. He added that he expects more NFT creators and collectors to follow this collaboration.
Neither eBay nor KnownOrigin revealed the amount involved in this acquisition. Dappradar data shows the platform’s total trading volume is about $7.8M. The data also states that there are 5,187 NFT creators and collectors on the platform.
Like other NFT platforms, KnownOrigin aspires to become a leading force in the NFT space. However, OpenSea currently occupies the number one spot in that space. It is worth noting that KnownOrigin has some catching up to do before they can take over OpenSea’s position.