- eBay is in the midst of a technological reinvention.
- In 2021, the brand started allowing the buying and selling of NFTs.
- To consolidate its presence in the digital collecting market, eBay acquires Known Origin, one of the leading platforms.
The eBay buying and selling site enters directly into the cryptocurrency trade. Strictly speaking, it does so in the non-fungible token (NFT) market, buying the KnownOrigin platform, as announced by the American company that once led electronic commerce.
The purchase is a key step in the eBay technological reinvention and marks the beginning of the brand in the business segment of digital collecting.
Founded in 2018 in Manchester, UK, KnownOrigin enables artists and collectors to create, buy and resell NFTs through blockchain transactions.
Since its foundation, KnownOrigin has had a great growth that has led it to be one of the Leading platforms in the segment whose clients are people who create, buy and sell NFTs.
According to Jamie Iannone, CEO of eBay, the company will now be the first place that people from all over the world who are looking to sell or buy digital goods will find.
eBay’s Strategy When Buying KnownOrigin
eBay began allowing the buying and selling of NFTs in May 2021.
At that time, what the brand calls “the technological reinvention of eBay” began, with improvements in technology, performance and customer experience to make it easier for them to find, sell or buy anything.
David Moore, founder of KnownOrigin, described selling his business to eBay as a way to “continue to grow”. “This is the perfect time to partner with a company that has the reach and experience of eBay. With more than 25 years building similar communities, ”he assured.
Although some technical details of the sale were given, How much eBay paid for KnownOrigin was not provided.
Overtaken by Amazon, eBay reinvents itself
Founded in 1995 in San Jose, California, eBay is one of the largest e-commerce marketplaces in the world.
Although it was surpassed by others, such as Amazon, in 2021 eBay allowed the commercialization of products and services for some US$85 billion.
Likewise, be far from the giant of the sector. Amazon captured 14% of Internet sales in 2021 and Mercado Libre 5%.
Ebay, along with Alibaba, JD, Gumtree and dozens of others, 23%.
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