KnownOrigin Marketplace to Shut Down Two Years After eBay Acquisition – Crypto News – Crypto News
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KnownOrigin Marketplace to Shut Down Two Years After eBay Acquisition – Crypto News

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KnownOrigin, one of the pioneering NFT marketplaces, announced today (July 17) that it will be shutting down its on-chain marketplaces and minter.

The announcement comes just over two years after eBay acquired the marketplace in June 2022. The deal terms of the transaction were not disclosed.

At the time, eBay CEO Jamie Iannone hailed the move, saying, “KnownOrigin has built up an impressive, passionate, and loyal group of artists and collectors, making them a perfect addition to our community of sellers and buyers. We look forward to welcoming these innovators as they join the eBay community.”

The latest news follows reports that eBay laid off 30% of KnownOrigin’s staff in February.

“After careful consideration and evaluation, we can confirm KnownOrigin will continue to wind down its on-chain marketplaces and minter (and signpost to secondary marketplaces) over the upcoming weeks,” the company stated in a series of tweets, recognizing the shifting industry landscape with secondary marketplaces like OpenSea and MagicEden gaining prominence.

Founded in 2018, KnownOrigin quickly established itself as a major player in the NFT space, hosting seminal works by OG crypto artists like XCOPY, Hackatao, and Miss Al Simpson. It now joins the ranks of early and influential marketplaces that have gone under during a challenging bear market, such as Async Art which announced its shutdown in October 2023.

“KnownOrigin is proud of its place in the history of digital art since its inception in 2018. Thanks for all the support and helping creators emerge, grow, and succeed over the years,” the tweets continued.

Despite the closure, KnownOrigin emphasized that its existing NFTs remain fully functional and tradable. “All KnownOrigin NFTs have been minted on the Ethereum blockchain. This means ownership is provable and the tokens can be openly traded on secondary marketplaces,” the company assured its users.

XCOPY hailed the platform in a reflective tweet: “It was an honour to mint on KnownOrigin – so many great memories. Survived the bear bouncing mints between SuperRare and KO back in the day! Won’t forget the Telegram bot buzzing in my pocket at work. Good times.”

The post KnownOrigin Marketplace to Shut Down Two Years After eBay Acquisition appeared first on nft now.

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