Ebay adjusts NFT market strategy amid layoffs of 30% of Web3 team and departure of KnownOrigin founder
Posted: February 20, 2024 3:57 AM Updated: February 20, 2024 3:57 AM
Correction and fact check date: February 20, 2024, 3:57 AM
briefly
eBay is reducing its Web3 team by 30% and reevaluating its stance on NFTs after Stef Jay and David Moore left the company.
Multinational e-commerce company eBay is reportedly re-evaluating its stance on non-fungible tokens (NFTs), with more than 30% of its Web3 team reportedly downsized with several individuals leaving the company. There appears to be a shift in the company’s Web3 strategy with the resignations of Stef Jay, head of business and strategy for its Web3 division, and David Moore, co-founder of KnownOrigin, who has reportedly been laid off.
Additionally, reports indicate that the strained relationship between eBay and KnownOrigin, a UK-based NFT marketplace that eBay acquired in 2022, is creating uncertainty about the future of NFTs on eBay’s website. Accordingly, the e-commerce company reportedly suspended all future plans related to digital art.
However, it is not yet known whether what is going on is the result of an organizational restructuring. This may be due to the decline in cryptocurrency market trends observed in previous years, which has led to a decline in the momentum NFTs have gained in 2021 and 2022.
eBay’s foray into NFTs
The news comes nearly a year after eBay acquired KnownOrigin. In 2022, the company further expanded its participation in the segment by consolidating KnownOrigin’s team and intellectual property (IP) into its Web3 division. Two months after acquiring KnownOrigin, eBay expanded its digital collectibles business with the $295 million purchase of trading card marketplace TCGplayer to strengthen its presence in the digital collectibles market.
eBay was one of the latest companies to integrate NFTs into its platform, launching an initial NFT collection in 2022 in partnership with Web3 platform OneOf. But despite its preeminent position in online shopping, eBay faces the challenge of competing with numerous competitors. We have established an already existing cryptocurrency-based NFT marketplace.
The evolving dynamics surrounding eBay’s Web3 strategy and reevaluation of its NFT-related operations could indicate difficulties in adapting to the rapidly changing cryptocurrency market, making the company’s participation in digital assets uncertain.
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About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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