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eBay purchased KnownOrigin as part of an exciting plan to merge both companies’ strengths, creating an NFT and digital collectibles giant.
eBay has bought leading non-fungible token (NFT) marketplace KnownOrigin for an undisclosed sum, according to reports. Through this acquisition, the multinational e-commerce platform intends to remain competitive and innovative in the world of digital collectibles. Speaking on the KnownOrigin deal, eBay chief executive officer Jamie Iannone said:
“eBay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles.”
In addition, Iannone enthused about the comparative advantage that KnownOrigin brings to the table as a custodian of digital assets. As the eBay chief executive put it:
“KnownOrigin has built up an impressive, passionate and loyal group of artists and collectors making them a perfect addition to our community of sellers and buyers. We look forward to welcoming these innovators as they join the eBay community.”
KnownOrigin co-founder David Moore also spoke on the acquisition. According to him, the major NFT marketplace was created to empower all manner of creators and collectors. KnownOrigin ensured this empowerment by giving said creators the “ability to showcase, sell, and collect unique, authenticated digital items.”
Moore continued by saying KnownOrigin going into collaboration with eBay comes at a perfect time. This is because eBay’s reach and experience would allow KnownOrigin maximally leverage the sustained interest in NFTs. Moore also stated that KnownOrigin and eBay would collaborate to focus extensively on charting a new growth path for the NFT space. In addition, the KnownOrigin co-founder said that the collaborative efforts of both platforms will help attract a “new wave of NFT creators and collectors.”
eBay KnownOrigin Acquisition Comes After £3.5m Funding Round by KnownOrigin in February
The acquisition follows a £3.5m funding round by KnownOrigin, which took place earlier this year. Founded in 2018, KnownOrigin said at the time that it would reinvest the fresh funds to support creators and artists.
KnownOrigin’s fundraiser secured funding from several investors, including co-leaders venture capital firms GBV and Sanctor Capital. There was also participation from D1 Ventures, MetaCartel Ventures DAO, LD Capital, and Future Arts. Furthermore, rounding out the investors group were Cultur3 Capital, Colborn, and Yin Cao.
The NFT marketplace also enjoys partnerships with established companies in other industries. KnownOrigin has partnered with German apparel powerhouse Adidas, US streaming giant Netflix, as well as US multinational computer software provider Adobe.
As of February this year, KnownOrigin disclosed that it had generated more than $30 million in sales over the last year. In addition, the thriving NFT marketplace also stated a tenfold increase in unique collectors and creators in that same period.
KnownOrigin co-founders include blockchain engineers Andy Gray and James Morgan, as well as UX consultant David Moore. Gray has revealed that the company is working with more than 5000 NFT creators.