According to PANews, e-commerce giant eBay has reportedly cut over 30% of its Web3 team, leading to speculation that it may shut down its NFT business. In June 2022, eBay acquired the NFT marketplace KnownOrigin, but has since changed its Web3 strategy, with Chief Business and Strategy Officer Stef Jay resigning and relations with KnownOrigin deteriorating. The company has suspended all digital art projects, and internal criticism of the leadership and strategy teams has increased.
Amid the bearish crypto market, the future of eBay's NFT business remains uncertain.
