As of Tuesday June 21, the deal that saw eBay acquire the NFT marketplace KnownOrigin closed, although the auction company has not yet revealed any details regarding the value of this deal.
KnownOrigin defines itself as one of the world’s leading NFT Marketplaces and according to DappRadar (NFT marketplace rankings and analysis), KnownOrigin’s is sitting in 12th place on the all-time trading volume for Ethereum-backed NFTs at £6.7 million. First place is held by OpenSea with an outrageous trading value of £24.7 billion.
eBay users were allowed to sell NFTs on the platform last year, however with the new acquisition of KnownOrigin, eBay now has the chance to monitor and control a proper digital marketplace.
David Moore, co-founder of KnownOrigin believes that this new partnership will only help attract a new wave of NFT creators and collectors.
eBay’s rules allow NFTs being sold on their site to be sold at a fixed price. eBay do not support the usual bidding and best offers option we normally see for items listed on eBay.
Another rule regarding this subject is that the seller and buyer of NFTs on eBay must also both be in the same country at that time.
As of now, only a special select few have the approval of eBay to list NFTs in the same format as physical items.
Not long ago, eBay also introduced a new real-world vault to help protect physical collectibles. This gives sellers the choice to allow instant digital sales without having to actually physically ship them.
I wonder if 15 years ago or so, we would of believed someone if they told us people will be selling and buying on eBay without ever having to physically ship anything? Let us know your thoughts on eBay’s new acquisition and what it means for the future of NFTs on eBay.
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