A Year After eBay Acquired KnownOrigin: What Do We Think Now?
In Brief
E-commerce giant eBay acquiredThe acquisition of KnownOrigin took place on June 21, 2022, but the exact financial details were not disclosed.
Even with the backing of a tech powerhouse, the platform hasn't delivered any remarkable results. Reports indicate that in July of this year, only 382 distinct on-chain wallets interacted with the KnownOrigin smart contracts. DunePresently, eBay's KnownOrigin is hiring for two roles, suggesting that it has no immediate plans to wind down its operations. They are on the lookout for a web3 Solidity engineer and an NFT Community Support Representative.
It remains uncertain why the company is continuing its operations during a bear market, especially considering the lack of significant results.
Founded in Manchester, UK, by David Moore, Andy Gray, and James Morgan in 2018, KnownOrigin is one of the earlier NFT marketplaces that enables artists and collectors to mint, acquire, and trade NFTs through blockchain technology.
NFT marketplace KnownOrigin Additionally, KnownOrigin has teamed up with major brands like Adidas, software giant Adobe, and leading streaming service Netflix.
In February 2022, KnownOrigin concluded a Series A funding round, raising $4.85 million with support from Sanctor Capital and GBV.
The acquisition, which took place on June 21, 2022, was viewed as a strategic effort by eBay to rejuvenate its image by integrating digital collectibles and NFTs into its offerings.
E-commerce giant eBay acquired Interestingly, eBay was not new to the world of NFTs. In May 2022, it launched its first NFT collection featuring 3D artwork inspired by hockey, in collaboration with the web3 platform OneOf.
A Year After eBay Acquired KnownOrigin: What Do We Think Now? – Dune
What’s Brewing at KnownOrigin?
Even with the backing of a tech powerhouse, the platform hasn't delivered any remarkable results. Reports indicate that in July of this year, only 382 distinct on-chain wallets interacted with the KnownOrigin smart contracts. Dune Presently, eBay's KnownOrigin is hiring for two roles, suggesting that it has no immediate plans to wind down its operations. They are on the lookout for a web3 Solidity engineer and an NFT Community Support Representative.
Recently, the platform averaged about three transactions per day. Data from Dune suggests that around nine NFTs are minted daily.
In July, KnownOrigin recorded 370 NFT sales, a stark contrast to the 6,739 sales it achieved in December 2022.
Unfortunately, the marketplace does not seem to be favored by the community, as other platforms like Blur and OpenSea lead the pack.
During a recent ‘ask me anything’ session on their X (formerly Twitter) account, the theme was ‘Creating in a Bear Market: Tips and Tricks.’ Surprisingly, only 131 participants attended the two-hour discussion, which is quite low given that KnownOrigin has a following of 123,800 on the platform.
On August 23, KnownOrigin hosted This lack of interest might reflect the community's dwindling enthusiasm for non-fungible tokens and their creation.
With blue-chip NFT project floor prices declining and trading activity falling off, it's evident that NFTs have lost much of their allure compared to 2021 and 2022.
At present, eBay's KnownOrigin has two job openings, indicating a commitment to continue its presence in the market. They're specifically in search of a web3 Solidity engineer who can craft intricate and tailored NFT contracts for various applications.
Job postings and KnownOrigin’s plans
The job listing states, 'We seek an experienced web3 Solidity Engineer to join our team and help us define, deliver, and realize our vision for the KnownOrigin/eBay NFT protocol.'
KnownOrigin envisions fostering a diverse range of NFT interactions on its platform. This includes developing order book protocols to facilitate secure and efficient trading and payment systems for both custodial and non-custodial exchanges, aiming for an excellent user trading experience.
According to the announcement The second job opening is for the role of NFT Community Support Representative. This individual will help resolve both technical and non-technical issues from community members, serve as a liaison between creators and collectors, and foster trust by ensuring an excellent customer experience.
Furthermore, the job description underscores that the support representative will become an advocate for KnownOrigin and the web3 sector. This indicates that eBay is keen to actively promote and integrate web3 ideals within its community, hinting at more robust plans to engage in the blockchain ecosystem.
This movement indicates the company's ambition to revolutionize how users engage with buying, selling, and experiencing collectibles. Overall, the information suggests KnownOrigin's aspirations to amplify its role and influence within the web3 and NFT space.
Nonetheless, the prevailing trajectory of KnownOrigin post-eBay acquisition raises concerns about the company's strategic intentions moving forward.
Even with the backing of a tech leader and initial strategies aimed at weaving NFTs into eBay's business model, it's puzzling why the company continues its operations in a tough market while facing lackluster results.
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Disclaimer
In line with the Trust Project guidelines Valeria is a journalist for Metaverse Post, focusing on fundraising, AI innovations, the metaverse, digital fashion, NFTs, and all things web3.
