eBay Plans to Exit NFT Market: Uncertainty for Web3 Division
Latest reports reveal that e-commerce giant eBay is set to withdraw from the NFT market within the next two years. This decision comes after eBay acquired Manchester-based NFT marketplace KnownOrigin, but has since faced challenges and tensions within its Web3 division.
Just over a year ago, eBay made waves with its purchase of KnownOrigin, signaling its entry into the thriving NFT space. The integration of KnownOrigin’s team and assets into eBay’s Web3 division strengthened the company’s position in the NFT market.
However, recent events have caused a shift in eBay’s strategy:
– Stef Jay, the business and strategy officer of the Web3 division, has reportedly resigned.
– David Moore, one of the founders of KnownOrigin, is no longer active.
– Tensions between eBay and KnownOrigin have escalated.
According to sources, there is dissatisfaction within eBay, with criticisms directed at the lack of leadership and strategy in the Web3 division. This raises doubts about the future of NFTs on the platform.
The Changing Dynamics of the NFT Market
The NFT market experienced significant challenges during the crypto winter of 2022 after a massive rally in 2021. However, it is now showing signs of revival, with new players like BLUR challenging established platforms such as OpenSea.
As the Bitcoin bull run continues into 2024, the NFT market is expected to gain momentum once again. Over the past two years, the market has evolved, allowing digital artists to create their own NFTs. Here’s a glimpse into what to expect from the NFT market in 2024 and some of the top marketplaces:
– The NFT market is likely to grow further as the Bitcoin bull run continues.
– Platforms that empower digital artists to create their own NFTs will gain popularity.
– BLUR and OpenSea are among the leading NFT marketplaces.
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