KnownOrigin, eBay’s NFT platform launches Creator Smart Contracts
- eBay acquired KnownOriging, the NFT marketplace, last year.
- It launches Creator Smart Contracts for artists.
Non-Fungible Tokens (NFTs) have gained a lot of traction in recent times. Almost all large companies and conglomerates are trying to enter the arena. A February 16 tweet suggests that e-commerce giant eBay will launch NFT marketplace KnownOrigins creates smart contracts for artists.
These new contracts allow the artists to share their revenue, along with giving them the opportunity to earn royalties from their co-creators. KnownOrigin says users have been testing Creator Contracts beta versions for a few weeks. Eighty-four contracts have been deployed, and the minting of 250 NFT issues has been done so far.
From February 24, 2023, all approved KnownOrigin creators will be able to distribute and imprint work on their own public release contracts. Interestingly, no prior coding knowledge is a prerequisite for deployment. KnownOriging was acquired by eBay for an undisclosed amount in June 2022.
David Moore, co-founder of KnownOrigin said the Ethereum-based platform works to empower creators and collectors by allowing them to exhibit, sell and collect authenticated unique digital objects.
E-commerce giant eBay has been facilitating NFT listings on its live marketplace since May 2021. The company has also not yet integrated blockchain technology to support transfers or crypto-based sales on the platform. The May 2022 airdrop required users to use the messaging and email services on the platform to get their NFTs off the platform. At the same time, the company has not yet supported listing to request payments or transfers in crypto.
The NFT marketplace, KnownOrigin, was founded in 2020, known for its dedicated boutique community of NFT creators and artists. At that time, the most popular collections were listed on the platform created by XCOPY, with 27 editions and 599 sales.
eBay announced the acquisition of KnownOrigin, an NFT marketplace, in June 2022. To help the company move forward in blockchain technology and digital collectibles. The Manchester-based marketplace was bought for an undisclosed sum. It allows artists and collectors to create, buy and sell NFTs through blockchain-enabled transactions.
In May 2022, eBay allowed users to buy and sell NFTs; it was then that public interest in digital art was astounding. They also announced their debut collection in collaboration with OneOf, a green NFT platform.
Despite its growing use, NFT technology and the market still need time to mature, mainly because it is a fairly new concept. Such steps in the industry by giants like eBay, Warner Records, etc., are expected to bring the desired attention and help mass adoption.
Agree that the opportunities here are huge, but the recent crypto events and ignorance of the technology and its benefits have hampered the rate of adoption. Both industry giants and companies should take steps to educate general users about NFTs and their benefits.
This can solve the dilemma, clear the puzzle of the digital device and, most importantly, help the industry flourish. With more investment flowing in, research will become stronger and broader, facilitating growth.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
