Quick take:
In June 2022, eBay acquired Manchester-based NFT Marketplace KnownOrigin.
However, a source close to the project says the company has changed its Web3 strategy with Stef Jay, the business and strategy officer resigning.
The relationship between eBay and KnownOrigin has allegedly soured.
Ebay may be having second thoughts on NFTs after allegedly laying off over 30% of its Web3 team. A source familiar with the matter reached out to NFTgators saying that many of those involved with Web3 operations have recently left the organisation.
This comes just over a year and a half following eBay’s acquisition of Manchester, UK-based NFT marketplace KnownOrigin. In the June 2022 acquisition, KnownOrigin’s team and IP became part of eBay’s Web3 division, building on a previous partnership with green Web3 company OneOf, which focuses on Music NFTs.
Two months after acquiring KnownOrigin, eBay bought trading card marketplace TCGplayer for a whopping $295 million, furthering its digital collectibles business.
But now, the company seems to be changing its Web3 strategy with the source telling NFTgators that Stef Jay, the business and strategy officer of the division has recently resigned, while David Moore, one of the founders of Knownorigin has also “been made redundant.”
The relationship between eBay and KnownOrigin has allegedly soured, rendering the future of NFTs on the eBay website unpredictable. The e-commerce giant has halted all plans for digital art, the source said.
“Many within the company are unhappy, blaming the lack of leadership and strategy for the layoffs. There are internal criticisms, even at senior levels, questioning the qualifications of the current head of web3 as well as eBay’s strategy team.”
Whether this is just a case of reorganisation amid last year’s bear crypto market that saw NFTs lose a bit of their 2021 and 2022 spark remains to be seen. NFTgators reached out to both eBay and KnownOrigin for comments but got no response at the time of writing
Note: This story is still developing.
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The post Is eBay Shutting Down NFTs? appeared first on NFTgators .