eBay's NFT marketplace KnownOrigin announced the cessation of operations.

According to NFT Plazas, on July 22, eBay's NFT marketplace KnownOrigin announced the closure of its on-chain marketplace and minting functions. The platform, acquired by eBay in June 2022, has decided to cease operations due to market changes. In February of this year, eBay laid off 30% of KnownOrigin's employees, raising concerns about its future. The company stated that with the changes in the NFT market, secondary markets like OpenSea and MagicEden are on the rise. Despite the closure of the marketplace, KnownOrigin assures users that existing NFTs will retain their functionality and tradability. All NFTs are minted on the Ethereum blockchain, ensuring provable ownership and tradability on secondary markets.