EBay was once known as a marketplace for trendy collectibles like Beanie Babies. Now it’s going deep into the new world of NFT digital collectibles.
The commerce site has acquired NFT marketplace KnownOrigin, which bills itself as a destination for rare digital art. Terms were not disclosed.
Despite the recent crash in crypto and NFT prices, more traditional ecommerce companies and big brands are seeking to jump into the quickly growing market. Shopify also announced plans Wednesday to enable NFTs as a way to unlock special products and perks for customers at Shopify merchant stores.
EBay has been seeking to move deeper into digital assets. It recently launched its own hockey NFT collection with NFT company OneOf, which uses the Tezos and Polygon blockchains.
U.K.-based KnownOrigin, founded in 2018, recently raised a $4.8 million series A funding round.