• eBay purchased KnownOrigin in June 2022 for an undisclosed amount.
• The new Creator Contract allows artists to share profits and royalties as equal partners.
• KnownOrigin’s overall sales volume has topped 1,523.78 Ether ($2.56 million).
EBay Acquires NFT Marketplace KnownOrigin
In June 2022, eBay purchased the Ethereum-based non-fungible token (NFT) marketplace KnownOrigin for an undisclosed amount.
Creator Smart Contract Introduced
KnownOrigin is now launching a Creator Smart Contract that allows artists to share in profits and royalties as equal partners. The Creator Contract beta has been in use for a few weeks with 84 contracts deployed and 250 NFT editions minted already. Creators on the platform can deploy and mint their work on their own contract starting February 24th without needing any coding knowledge.
Platform Goal of Empowering Creators and Collectors
The goal of this platform is to empower creators and collectors by giving them the ability to showcase, sell, and collect unique, authenticated digital items with ease. At present, eBay does not support blockchain technology or cryptocurrency payments/transfers on their direct marketplace but customers were able to obtain NFTs during an airdrop in May 2022 by using in-app chat or email.
KnownOrigin’s Successful Collection Sales
Since its foundation in 2020, KnownOrigin has become well known for its exclusive community of NFT developers and artists whose collection includes “digitally glitched” flashing picture artworks which have achieved total sales volume of over 1,523.78 Ether ($2.56 million).
Overall, the introduction of these smart contracts will allow artists to gain more control over their content while also sharing profits equally with all other parties involved – including collectors and developers – thus increasing transparency within the industry as a whole