E-commerce giant eBay is planning to leave the NFT market within two years of obtaining the Manchester-based NFT marketplace KnownOrigin and has separated its staff from the Web3 team by 30%.
A close source on this matter stated that many have left the organization involved with Web3 operations. Stef Jay, the division’s business and strategy officer, has allegedly resigned, while the co-founder of KnownOrigin, David Moore, seems to be no longer active.
The source also stated, “Many within the company are unhappy, blaming the lack of leadership and strategy for the layoffs. There are internal criticisms, even at senior levels, questioning the qualifications of the current head of Web3 as well as eBay’s strategy team.”
This happened after 1.5 years of eBay’s acquisition of Manchester-based NFT marketplace KnownOrigin. KnownOrigin’s team and IP became part of eBay’s Web3 division in June 2022.
The eBay and KnownOrigin partnership has crumbled, causing uncertainty about the future of NFTs on eBay’s platform. The e-commerce titan has reportedly abandoned its digital art initiatives, according to sources.
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