eBay Allegedly Slashes 30% of Web3 Staff Amid Battle for NFT Marketplace Dominance

eBay’s Web3 division has absorbed the staff and intellectual property of KnownOrigin, an NFT marketplace based in Manchester, following its acquisition. However, there have been recent changes in eBay’s approach to Web3, as co-founder David Moore has stepped down and there have been reports of issues between eBay and KnownOrigin. Sources suggest that eBay plans to exit the NFT market within two years of the acquisition, and approximately 30% of the Web3 team has been let go. The future of NFTs on eBay is now uncertain, as tensions between the two entities have escalated. Despite the challenges faced by the NFT market during the crypto winter of 2022, it is showing signs of recovery with the emergence of new players like BLUR competing against established platforms like OpenSea.