E-commerce giant eBay is said to have cut the workforce at NFT marketplace KnownOrigin by 30%.
Now that the NFT frenzy has cooled, those who jumped on the bandwagon are now dealing with the consequences. Ebay has reportedly laid off staff at KnownOrigin, an NFT marketplace it acquired in 2022, NFTGators has learned, citing people close to the matter.
According to the sources, eBay has fired its business and strategy officer Stefanie (Stef) Jay, who was appointed to the role in May 2021. KnownOrigin co-founder David Moore has also reportedly been “made redundant. With the latest move, eBay has halted all digital art plans as “many within the company are dissatisfied and blame the layoffs for the layoffs,” the source added.
Internal communications at KnownOrigin | Source: NFTGators
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In what appears to be an internal communication revealed in the report, Moore said witnessing the scale of layoffs within the team “was brutal.” At the time of writing, eBay has not made any public announcements about this.
The e-commerce giant acquired KnownOrigin in July 2022 for an undisclosed price. At the time, eBay said the acquisition was an “important step” in its “tech-led reinvention.” A few months after the KnownOrigin purchase, eBay acquired another marketplace for collectible card game enthusiasts called TCGplayer for nearly $300 million.
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