eBay, the e-commerce giant, has announced the acquisition of KnownOrigin, a non-fungible token (NFT) marketplace that will help the e-commerce company delve deeper into the world of blockchain technology and digital collectibles.

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According Manchester-based KnownOrigin was bought for an undisclosed sum, according to a press release on Wednesday. The firm allows artists and collectors to create, buy and resell NFTs through blockchain-enabled transactions. KnownOrigin co-founder David Moore said in a statement that the company was founded to “empower creators and collectors by enabling them to display, sell and collect unique, authenticated digital items”, adding that:

“As interest in NFT continues to grow, we believe now is the right time to partner with a company that has the reach and experience of eBay.”

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eBay began allowing users to buy and sell NFTs in May last year, when growing public interest in digital collectibles caused prices to skyrocket. In May, the e-commerce giant announced its debut NFT collection in collaboration with OneOf, a green NFT platform. eBay CEO Jamie Iannone said:

“KnownOrigin has built an impressive, passionate and loyal group of artists and collectors, making them a great addition to our community of sellers and buyers. We look forward to welcoming these innovators as they join the eBay community.”

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The move is indicative of Ebay’s continued interest in using cryptocurrencies and blockchain technology to improve its operations. eBay is one of the first e-commerce sites and now aims to be the go-to destination for Generation Z and Millennials. Earlier this year, Cryptooshala reported that the firm has been trying to integrate crypto payment options for quite some time now.

eBay Online Marketplace Allows Selling NFTs

Hundreds of NFT projects have emerged in the crypto world over the past few months, seemingly mimicking multimillion-dollar digital art sales in online marketplaces. Incorporating NFTs into an established market like eBay, with an estimated 187 million active buyers, could prolong the frenzy even longer.