eBay is re-organizing and re-inventing its services to conform to Web3 transitioning that will have digital assets, DeFi, and Blockchain at the helm.
Last year, eBay announced the support of Crypto payment and NFTs on its website as it embarked on its tech-led reimagination. Following the announcement, the eCommerce giant has been able to support the Non-Fungible Token (NFT) trade for a year.
Going forward, the platform is set to take the NFT service offering a step higher by supporting the creation, selling, and buying of NFTs on-platform. This follows the acquisition of KnownOrigin – a firm specializing in producing NFTs.
Making eBay the Premier NFT One-Stop-Shop
While launching the NFT marketplace in 2021, eBay CEO Jamie Iannone confirmed that the platform has a vision of being the “first stop” for NFT shoppers around the globe. The digital collectibles for rare and unique items will be available on demand. This will revolutionize and democratize the rare art market that is deemed inaccessible.
Because of its large market base, eBay can also play an instrumental role in increasing the value of NFTs. This can maximize the wealth of holders of rare items and accelerate the integration of digital assets in the financial world.
The Definition of NFTs
Non-Fungible-Tokens (NFTs) are digital assets that have the same features as other digital tokens such as Stablecoins, Central Bank Digital Currencies (CBDCs), and Cryptocurrencies. However, they are non-fungible. This means that a unit of NFT is not identical to the next, unlike BTC, where 1 unit equals the next.
NFTs are created to tokenize rare items such as artwork that cannot be replicated. They are ideal for art collectors, artists, and artwork holders. The new eBay NFT marketplace is set to rival the first-rising OpenSea marketplace. The online shop markets itself as the best platform to discover, sell and buy exclusive digital items.
The NFT Outlook Is Bright
According to the co-founder of KnownOrigin, David Moore, the partnership will accelerate the growth of the NFT market. Moore believes that eBay will support new developers to create NFTs. On the other hand, it will be a platform that enables buyers to discover digital collectibles that can grow the NFT space.
In the meantime, the deal’s details have not been disclosed to the public, and the acquisition cost is unknown. However, analysts believe eBay could have purchased KnownOrigin at a bargain in the prevailing Crypto winter.
The Acquisition of KnownOrigin by eBay is not the first of its kind in the Crypto space. 3 months ago, ESPN bought the majority of stocks in Autograph. Tom Brady co-founded the platform in 2021, and it promotes the development of NFTs for the sport and entertainment scene.