{"id":10834,"date":"2024-02-20T11:22:58","date_gmt":"2024-02-20T09:22:58","guid":{"rendered":"https:\/\/forklog.com\/en\/ebay-reportedly-exits-nft-market-and-cuts-web3-division\/"},"modified":"2024-02-20T11:22:58","modified_gmt":"2024-02-20T09:22:58","slug":"ebay-reportedly-exits-nft-market-and-cuts-web3-division","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ebay-reportedly-exits-nft-market-and-cuts-web3-division\/","title":{"rendered":"eBay Reportedly Exits NFT Market and Cuts Web3 Division"},"content":{"rendered":"<p>The e-commerce giant eBay has reportedly shifted its stance on non-fungible tokens (NFTs) and is likely to exit this sector soon, according to <a href=\"https:\/\/www.nftgators.com\/is-ebay-shutting-down-nfts\/\">NFTgators<\/a>, citing its own sources.<\/p>\n<p>The company has reduced more than 30% of the workforce at its NFT marketplace, KnownOrigin. eBay acquired the UK-based platform in June 2022.<\/p>\n<p>Two months later, eBay purchased the collectible card marketplace TCGplayer for $295 million, expanding its digital goods business.<\/p>\n<p>Previously, eBay allowed users to <a href=\"https:\/\/forklog.news\/ebay-razreshila-polzovatelyam-torgovat-nft\/\">trade NFTs<\/a>. In May 2022, the corporation <a href=\"https:\/\/forklog.news\/ebay-obyavila-o-zapuske-pervoj-nft-kollektsii\/\">launched an NFT collection<\/a> in partnership with OneOf.<\/p>\n<p>According to sources, the company recently dismissed Stephanie Moore, head of strategy for the Web3 division, and David Moore, co-founder of KnownOrigin.<\/p>\n<p>Relations between eBay and the NFT project have reportedly soured, leading the e-commerce giant to abandon all plans related to digital art, added the publication&#8217;s source.<\/p>\n<p>In a message to colleagues, Moore stated that witnessing the scale of layoffs within the team &#8220;was brutal.&#8221; Other KnownOrigin employees accused eBay of &#8220;a lack of leadership and downsizing strategy.&#8221;<\/p>\n<p>According to CoinGecko, in 2023, the turnover of non-fungible tokens across the top ten blockchains fell by 55.1% to $11.8 billion. Of this, 72.3% ($8.54 billion) is associated with NFTs on Ethereum.<\/p>\n<p>In November, the marketplace OpenSea reduced its workforce by 50% due to a shift in business strategy.<\/p>\n<p>In October, Yuga Labs, the studio behind the Bored Ape Yacht Club NFT collection, announced layoffs. The company has focused on its own metaverse, Otherside, launched in spring 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The e-commerce giant eBay has reportedly shifted its stance on non-fungible tokens (NFTs) and is likely to exit this sector soon, according to NFTgators, citing its own sources. The company has reduced more than 30% of the workforce at its NFT marketplace, KnownOrigin. eBay acquired the UK-based platform in June 2022. Two months later, eBay [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10833,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[548,1276,1213],"class_list":["post-10834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ebay","tag-layoffs","tag-nft"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=10834"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10834\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/10833"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=10834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=10834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=10834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}