eBay Allegedly Exiting NFT Market: Company is Cutting 30% Web3 Workforce
Recent updates suggest that eBay, a major e-commerce player, is contemplating an exit from the NFT market, merely two years after acquiring KnownOrigin, an NFT marketplace based in Manchester.
Sources indicate that eBay has downsized its Web3 team by nearly 30%. The company’s foray into NFTs has encountered turbulence, with key personnel departures and reported tensions with KnownOrigin casting doubt on the future of digital collectibles on the platform.
eBay’s initial acquisition of KnownOrigin garnered attention as it signaled a significant step into the NFT space. However, recent developments hint at a shift in eBay’s Web3 strategy.
Stef Jay, the business and strategy officer of eBay’s Web3 division, has reportedly resigned, adding to the uncertainty.
Tensions between eBay and KnownOrigin are said to have escalated, with internal dissatisfaction over leadership and strategy.
READ MORE: Bitcoin Expert Predicts Market Correction: What’s Next for Crypto?
The NFT market, after facing challenges during the crypto winter of 2022, is showing signs of revival. With new players entering the scene and the ongoing Bitcoin bull run, the market is expected to pick up momentum.
Additionally, platforms are evolving to empower digital artists to create their own NFTs. As we look ahead to 2024, the NFT market is poised for growth, albeit amid shifting dynamics and emerging players.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
