eBay’s NFT Marketplace KnownOrigin Announces Suspension of Operations

According to reports from foreign media, NFT marketplace KnownOrigin, which was acquired by eBay in June 2022, has announced that it will be closing its on-chain marketplace and minting functions. In February of this year, eBay laid off 30% of KnownOrigin's employees, causing concerns about the platform's future. The recent announcement confirms these concerns, with the company stating that it has decided to cease operations due to changes in the NFT market. KnownOrigin states that "all KnownOrigin NFTs are minted on the Ethereum blockchain. This means that ownership is provable and these tokens can be publicly traded on secondary markets such as OpenSea and MagicEden."