June 24, 2022 · less than 3 min read
eBay started allowing the sale of NFTs last year. Now, the company has acquired an NFT marketplace.
KnownOrigin, one of the world’s largest NFT marketplaces, has been acquired by eBay. As it stands, the brand ranks 12th on all-time trading volume for Ethereum-backed NFTs. This is eBay’s biggest step so far into the wild west of digital collectibles, and it’s been carefully considered.
According to eBay CEO Jamie Iannone, there’s been increasing demand for these kinds of non-physical collectibles, and KnownOrigin is the “perfect addition to [the eBay] community”. eBay hasn’t dished the deets on the cost of the acquisition but did confirm that as of June 21, the deal was sealed.
Co-Founder of KnownOrigin, David Moore, also commented. He said, “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.”
Innovating the marketplace
Right now, NFTs look like regular ol’ eBay listings, and the explanation of what they are and how to purchase them is way down in the item description. Here, the seller will tell you the NFT mint number, and they’ll let you know which digital wallet you’ll need to receive the NFT.
There are some limitations to bear in mind though: The max price is $10,000; you can only sell using “Buy it Now” – no bids or best offers; buyers and sellers have to be in the same country, and an NFT can’t be sold with a physical product. It’s not necessarily the most ideal set-up for NFT buyers and sellers, but it sure takes the edge off some of the riskier sides of this digital market.
Things are changing over at eBay, with a focus on integrating new technology and improving customer experience. Watch this space.
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