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In a surprising development, it has emerged that e-commerce giant eBay is considering exiting the NFT market just two years after acquiring Manchester-based NFT marketplace KnownOrigin. Sources familiar with the matter have reported that eBay recently laid off about 30% of its Web3 team, indicating a significant shift in the company’s Web3 strategy.
eBay’s Foray into the NFT Market
eBay’s entry into the NFT world began with the acquisition of KnownOrigin eighteen months ago, a move that made waves in the industry. The purchase, which took place in June 2022, was seen as eBay’s entry into the rapidly growing NFT market. KnownOrigin’s team and intellectual property were integrated into eBay’s Web3 division, strengthening the company’s presence in the NFT market and leading to partnerships with companies specialized in music NFTs, such as OneOf.
However, recent developments in eBay’s Web3 division have increased concerns about the future of NFTs on the platform. It is reported that key personnel, including the head of business and strategy Stef Jay, have left the company. Information also suggests that David Moore, one of the founders of KnownOrigin, is no longer active within the company. The tension between eBay and KnownOrigin is escalating, leading to doubts about the strategic direction of eBay’s NFT initiatives.
The layoffs of many employees are linked to a lack of leadership and strategy in the Web3 division, causing discontent within eBay. Criticisms have been directed at the qualifications of the current president of the Web3 unit and eBay’s strategy team, even reaching the upper echelons. These internal issues reflect the uncertainty surrounding eBay’s future in the NFT market and point to the need for a clearer strategic direction.
Revival Expected in the NFT Market
Despite eBay’s potential exit from the NFT market, the NFT market continues to develop. After facing serious challenges during the crypto winter of 2022, the NFT market has shown signs of revival in recent months. New players like BLUR are emerging and challenging the dominance of established platforms like OpenSea. With the ongoing Bitcoin bull run likely to increase interest in the NFT market throughout the year, significant changes are expected in the NFT landscape.
As the NFT market matures, platforms are offering increasing opportunities for digital artists to create and sell their own NFTs. Despite the challenges faced by individual companies like eBay, the future of the NFT market remains promising due to technological advancements and growing adoption.
