According to TechFlow, on July 22, NFT Plazas reported that 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 stop operating due to market changes. In February of this year, eBay laid off 30% of KnownOrigin's employees, raising concerns about its future.

The company said that as the NFT market changes, secondary markets like OpenSea and MagicEden are emerging. Although the market will be closed, KnownOrigin assured users that existing NFTs will remain functional and tradable. All NFTs are minted on the Ethereum blockchain, ensuring that ownership can be proven and traded on the secondary market.