Why E-commerce Giant eBay Acquired NFT Marketplace KnownOrigin

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According to a press release, e-commerce giant eBay has acquired the NFT marketplace KnownOrigin. As part of the platform’s strategy to expand into the nascent asset class, eBay is trying to provide its users with access to a “new era of digital collecting”.

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This platform is one of the most popular around the world, there were over 182 million people on eBay in 2021 with over 100 million visitors per month. The platform records billions of dollars in trading volume and as much as $10 billion in revenue.

Therefore, any NFT collection listed on eBay seems poised to gain a lot of attention. As the release claims, the platform is used by collectors to track down precious items. Jamie Iannone, CEO of eBay said the following about this acquisition and the platform’s reputation as a collector’s venue:

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.

The e-commerce giant purchased KnownOrigin because the platform enables users to create, buy, and trade with NFT collection and blockchain-based transactions. The release claims that the platform has experienced “significant growth as it has revolutionized the way people” trade with digital assets. Iannone added:

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.

eBay enabled its users to trade with NFTs in May 2021, according to KnownOrigin co-founder James Morgan, the blockchain-based platform has joined the e-commerce giant to help them implement Web3 capabilities.

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In addition, Morgan emphasized that KnownOrigin will expand to a “much bigger audience” and become a “truly worldwide platform”. On their partnership with eBay, Morgan said:

One of the main reasons why we have taken this decision is because eBay’s culture is fueled by a strong belief in community and innovation (…). eBay is currently undertaking a massive tech-led reimagination and we are at the heart of their vision. We’re excited to see how together we can empower our existing creators and introduce a whole new global audience through this acquisition.

Data from DappRadar records that KnownOrigin has $7.8 million in total trading volume. The platform was founded in 2018 and since that time, it records that 5,187 traders have used its services.

In comparison, OpenSea, one of the most popular platforms in the world, records $30 billion and 1,831,532 traders since it was founded in 2017. The eBay partnership, as Morgan said, could allow KnownOrigin to catch up with OpenSea and become a competitor.

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