eBay Acquires UK-based NFT Marketplace KnownOrigin

eBay Acquires UK-based NFT Market KnownOrigin

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eBay stated the deal will assist keep its web site as a frontrunner in digital collectibles, and Shopify has launched a brand new service for NFT customers.

eBay has acquired Manchester-based NFT market KnownOrigin for an undisclosed quantity as a part of a broader “tech-driven reinvention” of its on-line public sale home.

Based in 2018, KnownOrigin claims to be one of many first marketplaces the place individuals can create, purchase and resell NFTs via blockchain-enabled transactions. The 2 firms entered into an acquisition settlement on June 21 and ended.

eBay stated it had first began permitting the shopping for and promoting of NFTs on its platform in Might 2021 as a part of a “important improve” that may enable clients to simply purchase and promote something on its web site.

“With this acquisition, we are going to stay a number one web site as our group more and more provides digital collectibles,” stated Jamie Iannone, CEO of eBay. “KnownOrigin has constructed a powerful, passionate and dependable group of artists and collectors to supply the right addition to our group of sellers and patrons.

“We stay up for welcoming these innovators to the eBay group,” stated Iannone.

An NFT or non-fungible token is a novel digital file with verified possession recorded and verified utilizing blockchain expertise. After a surge of curiosity final yr, the worth of the NFT market has crossed about $40 billion.

About the deal, KnownOrigin co-founder David Moore stated the deal will assist the corporate appeal to “a brand new wave of NFT creators and collectors.”

“As curiosity in NFTs continues to develop, we consider that is the right time to accomplice with an organization that has the attain and expertise of eBay,” Moore stated. “With greater than 25 years of constructing the same group of passionate people, we’re excited in regards to the alternative to convey collectively a completely new viewers on this journey.”

Shopify Launches NFT Characteristic

Shopify has additionally made a brand new transfer within the NFT market with a brand new service that permits NFT customers to unlock perks and merchandise with sellers on the platform.

The Tokengated Commerce service permits customers to attach their crypto wallets to their Shopify on-line retailer to get these advantages from NFT. This service may be activated on-line, cell or in bodily retail shops.

Shopify says Tokengated Commerce will assist manufacturers accomplice and collaborate with an instance of 1 model’s NFT unlocking one other model’s retailer.

Shimona Mehta, Managing Director, Shopify EMEA, stated, “We’re investing in blockchain expertise to make the Shopify pockets conscious. “Within the new period of C2C commerce, this permits NFT holders to create a customized expertise with their favourite manufacturers primarily based on the NFTs of their wallets. It is simpler to unlock.”

Different firms are taking steps to capitalize on the rising NFT market this yr. Visa launched a Creators Program in late March to assist teams reminiscent of artists and musicians broaden their companies via the creation and sale of NFTs.

Earlier this month, Salesforce took the leap into the crypto area by launching NFT Cloud, a platform for creating and promoting NFTs.

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