eBay Reportedly Cuts 30% Web3 Workforce Amid NFT Marketplace Struggle

• KnownOrigin’s staff and IP were absorbed into eBay’s Web3 segment after acquisition.
• The NFT marketplace’s co-founder David Moore has stepped down.

E-commerce behemoth eBay reportedly intends to leave the NFT market no later than two years after purchasing KnownOrigin, an NFT marketplace based in Manchester. Sources close to the situation have revealed that roughly 30% of eBay’s Web3 crew has been let go.

There has been some upheaval in eBay’s venture into NFTs, and new developments indicate that the company’s Web3 approach is changing. There is currently doubt about the platform’s ability to support digital collectibles due to the sudden departure of vital staff and rumored problems with NFT marketplace KnownOrigin.

Uncertain Future of NFTs on eBay

A major move into the rapidly growing NFT industry, eBay’s purchase of KnownOrigin, a marketplace, generated buzz only eighteen months ago. After being acquired in June 2022, KnownOrigin’s staff and IP were absorbed into eBay’s Web3 segment, expanding upon previous collaborations with businesses such as OneOf, an environmentally conscious Web3 company that focuses on Music NFTs.

It would seem, nevertheless, that eBay’s Web3 aspirations are changing. Surprisingly, KnownOrigin co-founder David Moore has stepped down, while division chief business and strategy officer Stef Jay has apparently quit. The future of NFTs on eBay is uncertain, according to sources who spoke with NFTGators, since tensions between KnownOrigin and eBay have intensified.

During the crypto winter of 2022, the NFT market had significant difficulties after a huge surge during the 2021 bull run. Nevertheless, it seems that the market is showing signs of life again as new entrants such as BLUR are taking on established businesses like OpenSea.

Highlighted Crypto News Today:

Altcoins’ Open Interest Surges Amid Bitcoin Futures Hit $23 Billion