eBay buys NFT marketplace

E-commerce behemoth eBay has announced the purchase of KnownOrigin, a non-fungible tokens (NFTs) marketplace that would aid the company's expansion into the blockchain and digital collectibles industries.

The purchase of Manchester-based KnownOrigin for an unknown sum was announced in a press release on Wednesday. Through blockchain-enabled transactions, the company makes it possible for creators, buyers, and sellers of NFTs to do so.

According to a statement from co-founder of KnownOrigin David Moore, the company was established to "empower artists and collectors by offering them the capacity to promote, sell, and acquire unique, authenticated digital artifacts," and he continued:

"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."

In May of last year, when public interest in digital collectibles was growing and prices were sharply rising, eBay started enabling customers to purchase and sell NFTs.

Through a partnership with green NFT platform OneOf, the e-commerce behemoth revealed its first line of NFTs in May. Jamie Iannone, the CEO of eBay.

The action demonstrates eBay's ongoing commitment to using cryptocurrencies and blockchain technology to enhance its business processes. One of the original e-commerce platforms, eBay now wants to be the go-to site for millennials and members of Generation Z.