eBay Cuts 30% of Staff at NFT Marketplace KnownOrigin

E-commerce giant eBay has reportedly cut 30% of staff at NFT marketplace KnownOrigin, signaling a shift in the NFT market.

Consequences of NFT Frenzy

As the NFT frenzy has cooled off, companies like eBay are now facing the repercussions of their investments in the digital art market.

eBay has recently let go of staff at KnownOrigin, the NFT marketplace it acquired in 2022, according to sources familiar with the situation.

Key Staff Changes

Reports indicate that eBay has terminated its business and strategy officer Stefanie (Stef) Jay, who took on the role in May 2021. Additionally, KnownOrigin co-founder David Moore has also been let go. This move has led to a pause in eBay’s digital art plans, with internal discontent over the lack of leadership and strategy.

“The extent of layoffs within the team was brutal,” expressed Moore in an internal communication.

eBay’s Acquisition Strategy

eBay acquired KnownOrigin in July 2022 as part of its tech-led reimagination, although the exact price of the acquisition remains undisclosed. Following this acquisition, eBay also purchased TCGplayer, a marketplace for collectible card game enthusiasts, for nearly $300 million.

Despite these changes, eBay has not made any public announcements regarding the staff cuts at KnownOrigin.

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