PANews reported on July 22 that according to NFT Plazas, the NFT market KnownOrigin, which was 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 it decided to cease operations due to changes in the NFT market.
The company acknowledges that the industry landscape is changing, and secondary markets like OpenSea and MagicEden are gaining prominence. Although the market will be closed, KnownOrigin has assured users that existing NFTs will remain fully functional and tradable. KnownOrigin stated, "All KnownOrigin's NFTs are minted on the Ethereum blockchain. This means that ownership is provable and these tokens can be publicly traded on secondary markets such as OpenSea and MagicEden."
