TechFlow news, on July 22, according to NFT Plazas, KnownOrigin, the NFT marketplace owned by eBay, announced it will shut down its on-chain marketplace and minting functionality. The platform was acquired by eBay in June 2022 and has recently decided to cease operations due to market changes. In February this year, eBay laid off 30% of KnownOrigin's staff, sparking concerns about its future.
The company stated that as the NFT market evolves, secondary markets such as OpenSea and MagicEden are rising. Although the marketplace will close, KnownOrigin assures users that existing NFTs will remain functional and tradable. All NFTs were minted on the Ethereum blockchain, ensuring provable ownership and transferability on secondary markets.
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