As reported by NFT Plazas, KnownOrigin, an NFT market acquired by eBay in June 2022, announced that it would shut down its on-chain market and minting functions. In February of this year, eBay laid off 30% of KnownOrigin's employees, raising concerns about the future of the platform. The recent announcement confirmed these concerns, and the company said that it decided to cease operations due to changes in the NFT market.

The company acknowledged that the industry landscape is changing and secondary markets like OpenSea and MagicEden are gaining importance. Although the market will be closed, KnownOrigin has assured users that existing NFTs will remain fully functional and tradable. KnownOrigin stated that "all KnownOrigin's NFTs are minted on the Ethereum blockchain, which means that ownership is provable and these tokens can be publicly traded on secondary markets such as OpenSea and MagicEden."