eBay's NFT marketplace KnownOrigin announces it will cease operations.

ChainCatcher news, according to NFT Plazas, the NFT marketplace KnownOrigin, acquired by eBay in June 2022, has announced that it will shut down its on-chain marketplace and minting features. In February of this year, eBay laid off 30% of KnownOrigin's staff, raising concerns about the platform's future. The recent announcement has confirmed these concerns, with the company stating that it has decided to cease operations due to changes in the NFT market.

The company acknowledged that the industry landscape is changing, with secondary markets like OpenSea and MagicEden gaining significant prominence. Although the marketplace will close, KnownOrigin has assured users that existing NFTs will retain full functionality and tradability. KnownOrigin stated, "All KnownOrigin NFTs are minted on the Ethereum blockchain. This means ownership is provable, and these tokens can be publicly traded on secondary markets (such as OpenSea and MagicEden)."