eBay’s Web3 division has absorbed KnownOrigin’s staff and IP following its acquisition. However, the NFT marketplace’s co-founder, David Moore, has decided to step down. Reports suggest that eBay plans to exit the NFT market within the next two years. As part of this transition, around 30% of eBay’s Web3 team has been laid off.
eBay’s foray into NFTs has faced challenges, and recent developments indicate a shift in the company’s Web3 strategy. Concerns have arisen about the platform’s ability to support digital collectibles due to the sudden departure of key personnel and rumored issues with KnownOrigin.
The future of NFTs on eBay is now uncertain. Just 18 months ago, eBay made a significant move into the rapidly growing NFT industry by acquiring KnownOrigin, a Manchester-based marketplace. KnownOrigin’s team and intellectual property were integrated into eBay’s Web3 segment, building on previous collaborations with companies like OneOf, which specializes in environmentally conscious Music NFTs.
However, it appears that eBay’s Web3 aspirations are evolving. Surprisingly, the co-founder of KnownOrigin, David Moore, has decided to step down, and division chief business and strategy officer Stef Jay has reportedly resigned as well. This has led to heightened tensions between KnownOrigin and eBay, further contributing to the uncertainty surrounding NFTs on the platform.
While the NFT market faced challenges during the crypto winter of 2022, following a surge during the bull run of 2021, it is now showing signs of revival. New players like BLUR are entering the market, competing against established businesses such as OpenSea.
In other news, altcoins’ open interest has experienced a surge as Bitcoin futures reach $23 billion.