eBay announced the acquisition of KnownOrigin, which owns the eponymous platform for creating and then monetizing digital art in the form of NFT tokens. The deal was reportedly finalized on June 22nd. Financial details of the agreement were not disclosed.
KnownOrigin was founded in 2018 by Andy Gray, David Moore and James Morgan. Under the terms of the current deal, all three co-founders will continue to work at eBay. Other employees of the company will also work with them at eBay.
“eBay is the go-to place for people around the world looking for the perfect, hard-to-find or unique addition to their collection, and with this acquisition we will continue to be the go-to place as our community becomes increasingly interested in digital collectibles.” KnownOrigin has built an impressive, passionate and dedicated group of artists and collectors, making it a great addition to our community of sellers and buyers. We look forward to welcoming these innovators as they join the eBay community.”said eBay CEO Jamie Iannone.
KnownOrigin’s acquisition comes just a month after eBay released its first NFT collection, created in partnership with web3 platform OneOf. The Genesis NFT Collection includes animated 3D models of legendary athletes who have appeared on the cover of Sports Illustrated magazine at various times. The company believes that the NFT-related direction represents an area for significant growth in eBay’s business.