What is the relationship between KnownOrigin, the NFT marketplace and eBay?

The world of non-fungible tokens (NFT) is full of stories. The launch of the new digital belongings is underway, with vogue model Coach throwing out its new assortment just lately. Separately, actor Keanu Reeves is stated to be supporting artists to entry Web 3.0, the newest model of the Internet.

What makes many followers pleased is the information that eBay Inc has acquired an NFT marketplace. Although eBay started supporting NFT gross sales on the platform in May final yr, the ultimate acquisition could possibly be an enormous change.

eBay and KnownOrigin

eBay Inc., in a press launch, reported that it had acquired KnownOrigin. The latter is an NFT marketplace, primarily for artists who create, exhibit and promote their work as digital collections.

NFT is thought-about an integral a part of Web 3.0 and the metaverse. EBay’s cope with KnownOrigin signifies that the e-commerce chief follows corporations like Meta and Microsoft. Mark Zuckerberg turned Facebook into Meta final yr. Earlier this yr, Microsoft introduced the acquisition of Activision Blizzard, which some see as a expertise transfer into the metaverse.

eBay has gained an NFT market, which could possibly be an indication of huge corporations ’acceptance of metaverse and digital belongings.

Read additionally: NFT nook: Coaches ’NFT decreased; Keanu Reeves to assist NFT artists

What is KnownOrigin

Like most different NFT individuals, KnownOrigin makes use of Ethereum’s blockchain service. The market can be utilized by artists to supply new NFTs. Digital artwork lovers can use the platform to buy any paintings.

KnownOrigin is not the solely marketplace for NFT belongings. Just a few different large names embody SuperRare, which Madonna used to launch NFT final month, and Rarible. Both SuperRare and Rarible have their very own crypto tokens. OpenSea is one other nice participant, engaged on a a lot bigger scale than KnownOrigin.

Read additionally: Gas Monkey NFTs to launch quickly

Is NFT costly?

NFT might be very costly, which some critics say is as a consequence of the greed for blockchain expertise. This yr, Madonna’s NFT assortment couldn’t have invited too many bids. However, the works of artists like Pak and Beeple are very costly. Each is offered for thousands and thousands of {dollars}. BAYC NFT and CryptoPunk are large names in NFTs.

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KnownOrigin’s market acquisition in the e-commerce platform could revive some hopes in the crypto world. Cryptocurrencies and NFTs share many similarities, together with the use of blockchain. It stays to be seen how eBay’s acquisition has helped to enter the world of rising digital property.

Read additionally: NFT Corner: Protests in Manhattan; Udder Chaos NFTs have been launched

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