Global e-commerce firm, eBay Inc., has announced that it has bought UK-based non-fungible token (NFT) marketplace, NoneOrigin, to foray into digital collectibles. Financial terms of the deal were not disclosed.
The acquisition comes a month after eBay announced the launch of a range of exclusive NFTs through a strategic partnership with OneOff, a green NFT platform for the music, sports and lifestyle communities.
KnownOrigin, which was founded in Manchester, UK in 2018, enables artists and collectors to create, buy and resell NFTs through blockchain-backed transactions.
According to DappRadar, a company that tracks data on crypto-based applications, KnownOrigin has facilitated total NFT trading volume of $7.8 million since its launch, with an average price of $353.51.
“Ebay is the first stop around the world for those looking for that perfect, hard-to-find, or unique addition to their collection, and with this acquisition, we will continue to be a leading site as our community increasingly Digital collectibles are adding up, said eBay CEO Jamie Iannone.
“KnowOrigin has built up an influential, 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 to join the eBay community. “
eBay said it has seen significant upgrades in the company’s technology, performance and customer experience, including tools that make it easier than ever to find, sell or buy anything. As part of this, eBay began allowing the buying and selling of NFTs in May 2021.
“We founded KnownOrigin to empower creators and collectors by giving them the ability to showcase, sell and collect unique, certified digital items,” said David Moore, co-founder of KnownOrigin.
“As interest in NFTs continues to grow, we believe now is the right time for us to partner with a company that has the access and experience of eBay. Along with building similar communities, we are excited about the opportunity to bring a new audience on this journey,” Moore said.