E-commerce powerhouse eBay has reportedly laid off 30% of its staff at the NFT marketplace KnownOrigin as the NFT craze begins to wane, leaving many early adopters facing the consequences.
According to sources familiar with the situation, eBay has terminated employees at KnownOrigin, a marketplace it acquired in 2022. Among those let go were business and strategy officer Stefanie (Stef) Jay, who took on the role in May 2021, and KnownOrigin co-founder David Moore, who has been made redundant. The decision to cut staff has led eBay to abandon its plans for digital art, with internal dissatisfaction over the lack of leadership and strategy being blamed for the layoffs.
In an internal communication obtained by NFTGators, Moore expressed the harsh reality of the layoffs within the team. As of now, eBay has not made any public statements regarding the matter.
eBay acquired KnownOrigin in July 2022 for an undisclosed amount, describing the move as a crucial part of its technology-driven transformation. Following the acquisition of KnownOrigin, eBay also purchased TCGplayer, a marketplace catering to collectible card game enthusiasts, for approximately $300 million.
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