eBay is one of the biggest online retail marketplaces in the entire world. And, non-fungible tokens have been all the rage in the past few years. And so, it was only a matter of time before these two industries collided. In fact, the acquisition of the eBay NFT marketplace is not the first NFT x Retail incident!
So, you see, the ongoing trend for most industries around the world is to join the scene of non-fungible tokens. Shopify opened an NFT store for your own online tokengated needs. Walmart created their Roblox land to provide customers with a virtual shopping experience. Most people or brands often opt for NFT collections, but eBay had other plans. In fact, eBay took it a whole step further by acquiring the leading NFT marketplace, KnownOrigin. This is probably the biggest power move that an online auction site has ever done. And so, we gotta go over the details of this agreement!
What’s in it for us?
Why would the eBay NFT marketplace be any better than the ones we already have? Keep reading to find out! And, if you’re interested in learning more about the world of non-fungible tokens, we’ve got a deal for you! Join our hub for NFT knowledge for FREE and become a professional. Everything you need to know and more is a click of a button away!
eBay NFT Marketplace
So, what’s the deal behind the eBay NFT marketplace? Here’s what you should know about the acquisition. First, eBay announced that it has acquired the NFT marketplace KnownOrigin on June 21st, 2022 in a press release. The platform itself is (according to them) one of the first and largest marketplaces for artists and collectors to buy and sell NFTs. eBay described it as “a new era of digital collecting to the world’s top destination for collectibles.” The primary aim behind the acquisition would be to build eBay’s web3 capabilities and lead an NFT collectibles strategy.
However, the actual terms and agreements of the acquisition were not disclosed.
The eBay NFT marketplace, KnownOrigin, currently ranks #15 on all-time trading volume for Ethereum-backed NFTs at $7.82M according to DappRadar. Compared to the actual leading marketplaces like OpenSea at $33.14B or LooksRare at $1.68B. But, eBay has been working on a “tech-led reimagination” of their platform for the past couple of years. It even allowed the trade of NFTs on its site back in 2021. But now, with KnownOrigin, eBay has more control over the digital marketplace and transactions.
Retail Sites & NFTs
On a final note, the eBay NFT marketplace is definitely not the only move from retail giants. Other retailers have also been testing the virtual waters of the NFT world. GAP launched its own collection into the world of non-fungible tokens at the beginning of 2022. It’s only a matter of time before the others start joining as well.
But, eBay has been challenging the greatest brands all across the globe in a different industry. The eBay authentication program is now competing against the greatest sneaker authentication services out there – even StockX. Not just for authentication, the eBay VS StockX debate has been going on for some time. And so, we expect that this move might be just as successful as its other endeavors!