eBay has announced the acquisition of NFT marketplace KnownOrigin, expanding upon its preexisting connection to the Web3 function. 

Based in Manchester, KnownOrigin was founded in 2018 and serves as an NFT marketplace predominantly to enable artists and collectors to create, buy, and resell NFTs. 

eBay will complete the acquisition of the company in its entirety, bringing founders Andy Gray, David Moore and James Morgan to its ranks. The e-commerce giant has stated that both companies closed the deal on 22 June, however, the financial terms were not disclosed. 

“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,” stated Moore, Co-Founder of KnownOrigin. 

“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.”

This isn’t eBay’s first foray into the world of NFTs, after recently launching its first collection of NFTs with OneOf. eBay and Co-Founder Moore agreed that the surge in popularity and demand for NFTs accelerated the acquisition of KnownOrigin, with eBay planning on releasing a new collection of NFTs soon. 

The ‘Genesis’ NFT collection is eBay’s next line expected to drop, featuring 3D and animated depictions of legendary athletes who have featured on Sports Illustrated’s covers over the years. 

Other major firms have shown increasing interest in the NFT market, with Meta rolling out its NFT function on Instagram, and a host of football clubs collaborating with marketplaces to create their own digital collectibles. 

“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,” concluded eBay CEO, Jamie Iannone

“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.”