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KnownOrigin Ceases Operations Two Years After eBay Acquisition

KnownOrigin Ceases Operations Two Years After eBay Acquisition
© Copyright Image: BuyUcoin Blog

KnownOrigin, an NFT marketplace acquired by eBay in June 2022, announced it will be shutting down its on-chain marketplaces and minter.

During the acquisition, KnownOrigins team and IP were integrated into eBays web3 division, expanding on eBays previous partnership with OneOf. Two months later, eBay furthered its digital collectibles business by purchasing the trading card marketplace TCGplayer.

In February, eBay laid off 30% of KnownOrigins staff, raising concerns about the platforms future. The recent announcement confirmed these concerns, with the company citing changes in the NFT market as the reason for winding down operations.

Source: KnownOrigin

Existing NFTs Remains Functional and Tradeable

After careful consideration and evaluation, we have decided to wind down KnownOrigins on-chain marketplaces and minter over the upcoming weeks, the company stated on X in a series tweets. The company acknowledged the shifting industry landscape, with secondary marketplaces like OpenSea and MagicEden gaining prominence.

Established in 2018, KnownOrigin became a notable platform in the NFT space, showcasing works by artists like XCOPY, Hackatao, and Miss Al Simpson.

Despite the marketplaces closure, KnownOrigin has reassured users that existing NFTs will remain fully functional and tradable. All KnownOrigin NFTs have been minted on the Ethereum blockchain. This means ownership is provable and the tokens can be openly traded on secondary marketplaces (such as OpenSea and MagicEden), the tweets continued.

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The post KnownOrigin Ceases Operations Two Years After eBay Acquisition appeared first on NFT Plazas.

Read more: https://blog.buyucoin.com/feed-exclusion/nft-news/knownorigin-ceases-operations-two-years-after-ebay-acquisition/

Text source: BuyUcoin Blog

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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