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eBay acquires NFT marketplace KnownOrigin for an undisclosed sum
Ebay is buying non-fungible token (NFT) marketplace KnownOrigin in a bid to broaden its inventory of collectibles into the virtual realm.

eBay

Credits: https://pandaily.com/

On Wednesday, eBay, the largest online marketplace for goods and services in the world, announced that it has acquired KnownOrigin, a non-fungible token (NFT) platform. KnownOrigin was developed by eBay itself. When eBay finally joins the market for digital collectibles, there is a substantial jump in store for the company.

The particulars of the transaction have not yet been made openly accessible to the members of the general public.

The phrase “non-fungible token” refers to the kind of distributed ledger security that is referred to when using the word “blockchain” (NFT). Blockchains are composed of data organized in the form of digital blocks. The ownership of a non-fungible token may be recorded on a blockchain using the technology if necessary. Because ownership of NFTs may be moved at any time, it is feasible to trade them like any other digital asset.

An NFT platform has been developed with the help of Tezos and Polygon blockchain technology, and it was introduced to the public around a month ago in conjunction with eBay’s very first NFT collection. This platform has just recently been placed into production, having done so around a month ago.

KnownOrigin, a company with headquarters in Manchester that was established in 2018, was in charge of managing the $7.8 million worth of non-fungible token trading activity. In the year 2018, KnownOrigin was established as a company.

This acquisition ensures, among other things, that eBay will continue to be one of the most popular online destinations even as members of our community continue to contribute digital treasures.

“eBay is the first destination for individuals seeking that one-of-a-kind, hard-to-find, or unusual item for their collection,” the company says.

This remark was made by Jamie Iannone, who is the CEO of eBay.

“KnownOrigin is a fantastic match for our marketplace because of the exceptional, vibrant, and passionate community of artists and collectors that they’ve established,” According to what he had to say about it, “We want to present them with a warm welcome as we welcome these pioneers to the eBay family.”

David Moore, one of the co-founders of KnownOrigin, thinks that the increasing interest in NFTs makes this the ideal moment for KnownOrigin to form a partnership with eBay.

“For the last quarter of a century, we have been developing communities that are quite unlike this one, which is why we are thrilled to have a fresh set of individuals join us. Because of this, we feel that the timing is perfect for KnownOrigin to concentrate on building new products and services with the team of creative thinkers at eBay. Moore is certain that the next generation of NFT producers and collectors will be drawn to this relationship.

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