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E-commerce giant eBay has acquired U.K.-based non-fungible token (NFT) marketplace KnownOrigin, the company announced in a press release on Wednesday.
See related article: Alibaba Cloud launches service to build NFT marketplaces
Fast facts
- According to the press release, both companies signed and closed the deal on Tuesday, but the purchase price and further details on the transaction have not been disclosed.
- eBay started supporting NFT trades on its platform in May 2021.
- While eBay’s NFT marketplace only supports fiat transactions, KnownOrigin enables users to create, buy and resell NFTs on the blockchain using cryptocurrency.
- Some artists on KnownOrigin have voiced their displeasure with the acquisition, with pieces such as “Sellouts” trending on the site today.
- KnownOrigin has facilitated US$7.8 million in trade volume since launching in 2018, and raised US$3.5 million in a Series A round in February, according to Crunchbase.
- eBay shares rose by about 2% to US$43.13 at premarket trading as of press time.
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