In a significant pivot within the digital asset landscape, eBay has revealed plans to exit the NFT marketplace. This marks a departure from its venture into the sector nearly two years after acquiring the Manchester-based NFT platform KnownOrigin.
At the same time, the e-commerce behemoth has reduced its Web3 division staff by 30%, signaling a broader strategic realignment.
Leadership and Strategy Changes
Insiders have noted considerable departures from the company’s Web3 team. This includes Stef Jay, the division’s business and strategy officer, and David Moore, co-founder of KnownOrigin.
Both of whom have reportedly stepped down from their roles.
Internal Critiques and Strategic Concerns
Critiques from within eBay have surfaced, pointing to perceived deficiencies in leadership and strategic direction. This is cited as the underlying cause for the recent layoffs.
Doubts have been raised internally regarding the capabilities of the current Web3 leadership. Concerns also extend to the overall strategic approach of eBay’s team.
eBay’s Acquisition of KnownOrigin and Its Aftermath
This development follows eBay’s acquisition of KnownOrigin in June 2022. The move was initially hailed as a significant endorsement of the NFT space by the online retail giant.
However, the collaboration between eBay and KnownOrigin has faced challenges. These issues cast shadows over the future integration of NFTs on eBay’s platform and have led to the discontinuation of its digital art projects.
This is being heralded as a significant blow to the industry as a whole, although time will tell what eBay’s next move will be.
