Ebay Cuts Staff at NFT Marketplace KnownOrigin: What You Need to Know
E-commerce giant eBay has reportedly laid off 30% of the staff at KnownOrigin, its NFT marketplace. As the hype around NFTs has died down, those who joined the trend are now facing the consequences. The company has let go of its business and strategy officer Stefanie Jay, as well as co-founder David Moore. This move has led to the suspension of all digital art plans at eBay, with many employees expressing dissatisfaction with the lack of leadership and strategy. So far, eBay has not made any public statements regarding these layoffs.
Internal Communication Reveals Impact
- KnownOrigin co-founder David Moore described the extent of the layoffs as “brutal” in an internal communication.
eBay’s Acquisition Strategy
- eBay acquired KnownOrigin in July 2022 as part of its tech-led reimagination.
- The company also purchased TCGplayer, a marketplace for collectible card game enthusiasts, for approximately $300 million.
Hot Take: eBay Faces Consequences in NFT Market
The recent staff cuts at eBay’s NFT marketplace KnownOrigin highlight the challenges faced by companies in this volatile market. With the decline in NFT popularity, businesses that heavily invested in this sector are now feeling the impact. The lack of a clear strategy and leadership at eBay has contributed to these layoffs. As an investor or enthusiast, it is crucial to carefully evaluate the long-term viability of NFT projects and consider factors such as market trends and management capabilities before making any commitments.
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