Ebay Buys NFT Marketplace KnownOrigin

By Dean Seal

Ebay Inc. has acquired the non-fungible token marketplace KnownOrigin, furthering the e-commerce company's push into the world of blockchain technology and digital collectibles.

Both companies said the deal had been signed and formally closed on Wednesday, but didn't disclose further details on the transaction, including a purchase price.

Ebay started allowing users to buy and sell NFTs in May of last year, at a time when growing public interest in the digital tokens spurred sharp rises in their prices. Last month, Ebay launched its first collection of NFTs through a partnership with OneOf, a green NFT platform.

KnownOrigin was founded in the U.K. in 2018 and enables users to create, buy and resell NFTs through blockchain-supported transactions.

"As interest in NFTs continues to grow, we believe now is the perfect time for us to partner with a company that has the reach and experience of eBay," David Moore, KnownOrigin's co-founder, said Wednesday.

Ebay shares fell 1.3%, to $41.75, in premarket trading.

Write to Dean Seal at [e-mail]

(END) Dow Jones Newswires

June 22, 2022 08:44 ET (12:44 GMT)

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