Quick take:
- The financial terms of the acquisition were undisclosed.
- eBay has acquired KnownOrigin’s entire team and IP.
- The deal was closed on June 22.
eBay today announced that it has acquired Manchester-based NFT marketplace, KnownOrigin. Both companies signed and closed the deal today on Jun 22, and the financial terms of the acquisition were undisclosed.
As part of the deal, eBay is also acquiring KnownOrigin’s entire team and IP. The platform was founded in 2018, enabling artists and collectors to create, buy and resell NFTs via blockchain-support transactions.
“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,” said Jamie Iannone, CEO of eBay. “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.”
The acquisition follows eBay’s partnership with OneOf to launch its first NFT collection last month. Its first-ever “Genesis” NFT collection features 3D and animated interpretations of the iconic athletes featured on Sports Illustrated covers over the years. The first drop features record-breaking Canadian hockey legend Wayne Gretzky.
Ianonne said in February that users are already selling NFTs on the platform and that the surge in the collectibles market has fueled this first-ever collaboration between eBay and OneOf to bring NFTs to the masses.
While there are dozens of NFT marketplaces that eBay would have to compete with, it wouldn’t have to start from scratch as its acquisition of KnownOrigin would give it an established team and customer base to work with.
“We founded KnownOrigin to empower creators and collectors by giving them the ability to showcase, sell, and collect unique, authenticated digital items. As interest in NFTs continues to grow, we believe now is the perfect time for us to partner with a company that has the reach and experience of eBay,” said David Moore, co-founder, KnownOrigin.
eBay’s acquisition of KnownOrigin represents the e-commerce giant’s push into the NFT market. The deal combines eBay’s reach and reputation with KnownOrigin’s technology to onboard a new wave of NFT creators, sellers and buyers.
“With more than twenty-five years building similar communities of passionate individuals, we are excited by the opportunity to bring a whole new audience on this journey. This is the start of a new chapter in the KnownOrigin story and we couldn’t choose a better time to focus on building and innovating with the team at eBay. This partnership will help us attract a new wave of NFT creators and collectors,” Moore added.
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