Latest reports in the town suggest that e-commerce giant eBay is planning to exit the NFT market within two years of acquiring Manchester-based NFT Marketplace KnownOrigin. Sources familiar with the matter stated that eBay has parted ways with nearly 30% of its staff from the Web3 team.
eBay’s Web3 Division Faces Uncertainty
eBay’s foray into the world of non-fungible tokens (NFTs) has encountered turbulence, with recent developments signaling a shift in the company’s Web3 strategy. The abrupt departure of key personnel and reported tensions with NFT marketplace KnownOrigin have cast uncertainty over the future of digital collectibles on the e-commerce platform.
Just eighteen months ago, eBay made headlines with its acquisition of Manchester-based NFT marketplace KnownOrigin, marking a significant foray into the burgeoning NFT space. Following the acquisition in June 2022, KnownOrigin’s team and intellectual property were integrated into eBay’s Web3 division, building upon e
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