Reports have surfaced that e-commerce titan eBay has reduced its workforce at KnownOrigin, an Ethereum-based NFT exchange it took the reins of in June 2022.
The staffing cuts include 30% of positions, among them the strategy and business lead Stefanie Jay, who began her eBay tenure in May 2021, and David Moore, a founding member of the marketplace.
In an internal message that subsequently became public, Moore characterized the reduction in staff numbers as “severe” and that “witnessing that level of layoffs within the team was brutal.”
As of the report’s issuance, eBay has yet to comment on these personnel changes formally.
With Ethereum experiencing a notable increase of 9.41% this week, according to CoinMarketCap, and KnownOrigin’s impressive track record of selling over 75,000 NFTs from acclaimed artists such as X Copy, Sabet, and Hackotao, this news comes as a surprise.
Source: KnownOrigin
eBay’s Foray into Digital Collectibles
eBay embarked on a significant journey into the digital collectibles space by acquiring KnownOrigin, a move described as a “crucial element of its digital transformation.”
Following the acquisition of KnownOrigin, eBay continued its expansion into the digital collectibles market by purchasing TCGplayer, a platform dedicated to trading card game enthusiasts, in a deal worth nearly $300 million.
In May 2022, eBay also notably collaborated with OneOf — an NFT platform linking fans and collectors with top musical artists, athletes, and brands — to launch an exclusive collection of NFTs featuring ice hockey icon Wayne Gretzky, with prices spanning from $10 to $1,500.
Recent layoffs at KnownOrigin have fueled speculation about eBay’s commitment to the digital collectible market, leaving industry watchers questioning its future strategy in the NFT landscape.
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The post eBay Trims NFT Exchange Staff Amid Rising Market Optimism appeared first on NFT Plazas.
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