eBay plans to empower the next wave of artists and creators through NFTs and blockchain technology.
As part of its strategy to achieve this goal, the online trading and auction platform announced the acquisition of a major NFT marketplace.
This is KnownOrigin, a non-fungible token marketplace based on the Ethereum blockchain, which was recently acquired by eBay for an undisclosed sum.
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Through KnownOrigin, eBay aims to offer artists and creators an innovative space where they can create unique and authentic digital collectibles, in NFT format, with a focus on digital ownership.
Over the past two years, these blockchain-based digital assets have gained prominence as one of the greatest technological and social developments of all time, completely transforming the art and collectibles industry.
eBay buys NFT marketplace KnownOrigin
In a Press releaseeBay said the acquisition of KnownOrigin is part of its broader technology reimagining strategy, seeking to usher in a new era of digital art and blockchain-based transactions.
eBay is a pioneer in e-commerce and online auctions, making it one of the largest platforms of its kind in the world, with millions of registered users, both buyers and sellers, in more than 190 countries.
However, despite its disruptive business model, eBay is constantly seeking innovations that allow it to continue transforming itself, to meet the needs of its users and stay at the forefront of innovation in a new, increasingly digitalized era.
In May of last year, eBay CEO Jamie Iannone, revealed his plans to open up NFT trading and trading to its users within its platform. At the time, Iannone noted that the innovation and potential of NFT use cases fit perfectly with eBay’s vision of being the world’s premier destination for all things collectible.
Later, in early March of this year, Iannone commented that the company is assessing the possibility to add cryptocurrencies to their payment options. This is because crypto assets are becoming more popular every day among the new generations and eBay has plans to become the main market platform to offer access to electronic commerce for Millennials and Generation Z.
The new creative economy of NFTs
Last year, the NFT market surpassed $14.000 billion in transaction volume, according to data from The Block Research. These transactions were mainly related to digital art and digital collectibles.
Although they are intangible assets, NFTs’ ability to prove digital ownership, thanks to blockchain’s immutable record, has helped artists maintain and protect their copyrights.
In the case of KnownOrigin, eBay has highlighted the impressive community of artists, creators and collectors that the NFT market has formed since its launch to date.
The e-commerce platform said it will use the tools created by KnownOrigin to provide new opportunities to artists, creators and innovators around the world, as well as welcome them into its growing global community.
Continue reading: EBay enters the crypto world and opens the purchase and sale of NFTs on its platform
