EddieJayonCrypto
20 Feb 24
E-commerce giant eBay is facing uncertainty in its Web3 division, with reports of plans to exit the NFT market within two years of acquiring NFT Marketplace KnownOrigin and the recent departure of nearly 30% of its Web3 team. Tensions between eBay and KnownOrigin have also cast doubts on the future ...
E-commerce giant eBay is facing uncertainty in its Web3 division, with reports of plans to exit the NFT market within two years of acquiring NFT Marketplace KnownOrigin and the recent departure of nearly 30% of its Web3 team. Tensions between eBay and KnownOrigin have also cast doubts on the future of digital collectibles on the e-commerce platform, signaling a shift in the company's Web3 strategy.
eBay’s foray into the world of non-fungible tokens (NFTs) has encountered turbulence with the reported departure of key personnel and tensions with NFT marketplace KnownOrigin. Following the acquisition of KnownOrigin in June 2022, eBay integrated their team and intellectual property into their Web3 division, building upon existing partnerships with companies like OneOf. However, tensions between eBay and KnownOrigin have raised doubts about the future of NFTs on the platform, with recent departures in key personnel further indicating a shift in the company's Web3 strategy.
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