eBay Now Has An Established NFT Marketplace At Its Bidding

eBay made its biggest move yet into the world of digital collectibles with news today of the company acquiring NFT marketplace KnownOrigin. The online auction company is keeping lips sealed on the deal’s value but confirmed in the press release that the deal is closed as of June 21st. The Verge reports: “This partnership will help us attract a new wave of NFT creators and collectors,” said KnownOrigin co-founder David Moore. KnownOrigin describes itself as “one the world’s first, and largest, NFT Marketplaces,” and it currently ranks No. 12 on all-time trading volume for Ethereum-backed NFTs at $7.8 million, according to DappRadar. Higher ranked, more popular marketplaces include OpenSea (No. 1) with an all-time trading value at $30.43 billion and Decentraland (No. 8) at $155.66 million.

eBay started allowing NFT sales on its site last year. With the KnownOrigin acquisition, eBay has the opportunity to control a proper digital marketplace where NFT transactions can be both monitored and controlled — not just offered with the fingers-crossed hope the seller transfers an NFT to the buyer’s wallet correctly.