What is the link between KnownOrigin, NFT marketplace and eBay?

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What is the link between KnownOrigin, NFT marketplace and eBay?

 What is the link between KnownOrigin, NFT marketplace and eBay?

Highlights

  • eBay Inc. has purchased an NFT marketplace KnownOrigin for a yet-to-be-disclosed amount
  • KnownOrigin competes with NFT marketplaces like OpenSea, Rarible, and SuperRare
  • NFTs of CryptoPunk, BAYC, Beeple, and Pak are quite popular and are also very expensive

The non-fungible token (NFT) world is buzzing with news. New launches of digital assets are underway, with fashion brand Coach having dropped its new collection lately. Separately, actor Keanu Reeves is reportedly supporting artists to enter Web 3.0, the latest version of the internet.

What can cheer many enthusiasts is the news that eBay Inc. has acquired an NFT marketplace. Even though eBay began supporting NFT sales on its platform in May last year, the latest acquisition might be a major shift.

eBay and KnownOrigin

eBay Inc. has, in a press release, reported that it had acquired KnownOrigin. The latter is an NFT marketplace, primarily for artists to create, showcase and sell their works as digital collectibles.

NFTs are considered a critical part of Web 3.0 and the metaverse. eBay’s deal with KnownOrigin indicates that the e-commerce leader is following companies like Meta and Microsoft. Mark Zuckerberg rebranded Facebook as Meta last year. Earlier this year, Microsoft announced the acquisition of Activision Blizzard, which some see as the tech giant’s move into the metaverse.

eBay has acquired an NFT marketplace, which can be indicative of big companies’ continuous acknowledgement of the metaverse and digital assets.

Also read: NFT Corner: Coach’s NFT drop; Keanu Reeves to help NFT artists

What is KnownOrigin

Like most other NFT participants, KnownOrigin also uses Ethereum’s blockchain services. The marketplace can be used by artists to mint new NFTs. Digital art lovers can use the platform to bid for any artwork.

KnownOrigin is not the only marketplace for NFT assets. A few other major names include SuperRare, which was used by Madonna to unveil NFTs last month, and Rarible. Both SuperRare and Rarible have their own native crypto tokens. OpenSea is another major player, operating on a bigger scale than KnownOrigin.

Also read: Gas Monkey NFTs set to launch in near future

Are NFTs expensive?

NFTs can be very expensive, which some critics say is just because of the craze for blockchain technology. This year, Madonna’s NFT collection could not invite very heavy bids. However, some works of artists like Pak and Beeple are very expensive. These have been sold in auctions for millions of dollars each. BAYC NFTs and that of CryptoPunk are also big names in NFTs.

Selling price of Beeple’s NFTs

Bottom line

KnownOrigin marketplace’s acquisition by an e-commerce major might revive some hopes in the crypto world. Cryptocurrencies and NFTs share many similarities, including the use of blockchain. How the acquisition helps eBay to move into the growing world of digital assets is yet to be seen.

Also read: NFT corner: Protests held in Manhattan; Udder Chaos NFTs launched

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