eBay acquired NFT marketplace KnownOrigin in June 2022 for a reported $68M, shut down its on-chain marketplace by end of 2024 as the crypto art bubble burst, and has now laid off the remaining KnownOrigin team and other Web3 staff in its Manchester office, following the ~800 employee reduction announced in February. The cuts follow a familiar pattern for eBay acquisitions, with the company’s M&A track record including the TCGPlayer union-busting controversy, ongoing regulatory scrutiny, and a deferred prosecution agreement with the DOJ stemming from a 2019 harassment campaign against journalists. eBay is now pivoting toward AI, live shopping, and its core C2C marketplace, with the $1.2B Depop acquisition expected to close this quarter pending regulatory review.
