According to TechFlow, on July 22, eBay's NFT market KnownOrigin announced that it would shut down its on-chain market and minting functions. The platform was acquired by eBay in June 2022 and recently decided to cease operations due to market changes.
In February, eBay laid off 30% of KnownOrigin’s staff, raising concerns about its future. The company said that as the NFT market changes, secondary markets like OpenSea and MagicEden are emerging.
Although the marketplace will be shutting down, KnownOrigin assures users that existing NFTs will remain functional and tradable, and all NFTs are minted on the Ethereum blockchain, ensuring that ownership is provable and tradable on secondary markets.
