Online commerce giant eBay has announced the acquisition of a non-fungible token marketplace as it expands into the NFT ecosystem.
eBay announced that it has acquired NonOrigin, an NFT marketplace, in its biggest foray into the digital collectibles space.
UK-based KnownOrigin was founded in 2018 as a platform that enables content creators and collectors to buy and sell NFT digital collectibles on the blockchain. The announcement described it as a “leading” market, but analytics platforms tell a different story.
According to DappRadar, this is a small place in the world of NFT marketplaces, with a rank of 27 . Isth With only a few hundred dollars in daily trading volume. However, in the case of Ethereum-based NFT marketplace, it is ranked eighth. The platform has facilitated 5,189 trades worth $7.8 million since its launch.
Further details of the acquisition, such as financials, were not disclosed in the announcement.
Big move for eBay
Despite the platform’s relative obscurity, it’s still a huge step up by eBay. The firm’s CEO Jamie Iannone said the commerce platform is often used to discover unique additions to collections, before adding:
“KnowOrigin has built an influential, passionate and loyal group of artists and collectors, making them a perfect addition to our community of sellers and buyers.”
eBay first switched to NFTs in May 2021 when it allowed users to buy and sell digital collectibles. It was also reportedly considering crypto payment options in the same month.
The acquisition gives eBay a full-fledged NFT platform that it can control. This will add more security to the process and peace of mind for buyers beyond simply relying on the integrity of the seller.
eBay’s current system allows approved sellers to list NFTs in the same format as the physical item. Many listings also contain details of NFT mint numbers and crypto wallet details for after-sales transfers.
However, there are some limitations, a $10,000 limit on items, no ability to bid at auction, and geographic restrictions.
ebay nft collection
eBay has big ambitions for NFTs after launching its collection in partnership with web3 platform OneOff last month. The “Genesis” NFT collection includes 3D and animated versions of athletes featured on Sports Illustrated covers over the years.
NFT investments and acquisitions are still taking place despite a drop in sales and volume during the bear market. Happen[in]crypto reported that Solana-based NFT marketplace Magic Eden has secured another funding round to increase its valuation to $1.6 billion.