eBay Buys Non-Fungible Token Marketplace KnownOrigin
The world’s biggest online marketplace for products and services, eBay, made the announcement on Wednesday that it has bought KnownOrigin, a non-fungible token (NFT) platform. eBay was the company that first created the KnownOrigin system. If and when eBay does, at long last, enter the industry for digital collectibles, the business stands to see a large increase in revenue.
The specifics of the deal are not yet available to the public. When referring to the same kind of distributed ledger security that is alluded to while using the term “blockchain,” the term “non-fungible token” refers to what is being spoken to (NFT).
A blockchain is a distributed database that stores information in the form of blocks of code. In the event that it is required, the technology may be used to record on a blockchain who the owner of a non-fungible token is. It is possible to exchange NFTs like any other digital asset, since ownership of NFTs may be transferred at any moment. This makes it possible for NFTs to be used in financial transactions.
An NFT platform has been established with the assistance of Tezos and Polygon blockchain technology, and it was presented to the general public around one month ago in tandem with eBay’s foremost NFT collection. This platform has gone commercial only recently.
A business called KnownOrigin, which was founded in 2018 and has its offices in Manchester, was given the responsibility of overseeing the trading activity involving a non-fungible token worth a total of $7.8 million. Four years back , KnownOrigin began operating as a business in its own right.
This buyout guarantees, among many other things, that eBay will remain to be among the most top digital platforms even as participants of our group keep contributing digital jewels.
According to the website of the corporation, “eBay is the primary destination for those seeking that one-of-a-kind, hard-to-find, or uncommon item for their collection.” [Citation needed] Jamie Iannone, who is the Chief Executive Officer of eBay, made these comments earlier today.
“KnownOrigin is a wonderful fit for our marketplace as a result of the extraordinary, lively, and devoted team of designers and collectors that they’ve developed,” As per what he had to comment about all this, “We want to provide them with a warm reception as we greet these visionaries to the eBay community.”
David Moore, who is among the co-founders of KnownOrigin, believes that the growing interest in NFTs makes now the perfect time for KnownOrigin to develop collaboration with eBay. Moore came to this conclusion as a result of seeing a trend in the market.
“For the past quarter of a century, we have indeed been building societies that are quite different from this one. That is the reason we are so excited to have a new group of people join us. Because of this, we believe that the time is just right for KnownOrigin to focus on producing innovative products with the group of talented minds at eBay.”
Moore is confident that the subsequent generation of NFT collectors and creators will be interested in maintaining this connection.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.