eBay Acquires Leading NFT Marketplace: What You Need To Know

Ecommerce giant eBay Inc EBAY announced that it has acquired NFT marketplace KnownOrigin for an undisclosed sum.

What Happened: In a press release on Tuesday, eBay said the acquisition was an important step in its tech-led re-imagination as it brings in a new era of digital collecting on its platform.

"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.

See Also: HOW TO BUY NON-FUNGIBLE TOKENS (NFTS)

"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 of KnownOrigin in a statement.

In 2021, NFTs saw explosive growth in sales with the average number of daily transactions exceeding 100,000 between July and December.

At the time, Iannone suggested that eBay was looking into ways to explore the rapidly evolving space.

Earlier this year, the eBay CEO also said that the company was studying the possibility of adding support from cryptocurrencies such as Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD on its platform.

BTC Price Action: According to data from Benzinga Pro on Wednesday at publication, Bitcoin was trading at $20,177.63, down 6.13% over the last 24 hours. The leading digital asset is down around 68% from its all-time high.

Photo: Burdun Iliya via Shutterstock