eBay Halts NFT Projects, Lays Off 30% of Web3 Division
Date: 2024-02-20 Author: Dima Zakharov Categories: BUSINESS
eBay's Shift in Strategy
Recent reports reveal that eBay has halted its projects in the digital art sphere, leading to the dismissal of employees within its Web3 division. Among those affected are directors and even one of the founders of KnownOrigin, an NFT marketplace acquired by eBay in June 2022. The company downsized its Web3 division by a third, including top managers, and suspended work on NFT integration, according to sources cited by NFTgators.
KnownOrigin and Web3 Development Plans
eBay's acquisition of the NFT marketplace KnownOrigin in June 2022 initially indicated a strategic focus on integrating innovations in digital art. KnownOrigin, established in 2018, positions itself as a platform for selling rare and unique NFTs with authenticity and authorship verification.
In February 2023, eBay posted several job vacancies related to Web3 positions, signaling its interest in expanding within this sector.
A New Direction?
Following the crypto downturn, interest from eBay in this new sector appears to have waned. Sources suggest a wave of layoffs primarily affecting the Web3 division, including the departure of business and strategy director Steph Jay and the dismissal of David Moore, a co-founder of KnownOrigin.
Many employees have expressed discontent with the company's current direction and the failed strategies of the new leadership. Overall, up to a third of the Web3 division's personnel have been affected by the layoffs, according to reports.
Sources claim that eBay has completely halted its projects in the digital art sphere, leading to disagreements between the company and its division.
