In a purported move reflecting the shifting tides of the NFT market, e-commerce behemoth eBay is rumored to have trimmed its workforce at the NFT marketplace KnownOrigin, reportedly letting go of approximately 30% of its staff.
As the fervor surrounding non-fungible tokens (NFTs) gradually subsides, companies that entered the space are now grappling with the aftermath. Sources close to the matter informed NFTGators that eBay has initiated staff layoffs at KnownOrigin, an NFT marketplace it acquired back in 2022.
Reportedly, among those affected by the layoffs is eBay’s business and strategy officer Stefanie (Stef) Jay, who assumed the role in May 2021. Additionally, KnownOrigin co-founder David Moore is said to have been among those “made redundant.” The decision to downsize reportedly stems from eBay’s cessation of all digital art plans, with internal discontent attributing the layoffs to a perceived lack of leadership and strategy within the company.
In an apparent internal communication disclosed in the report, Moore expressed the profound impact of the layoffs within the team, describing the experience as “brutal.” As of the time of reporting, eBay has not issued any public statements regarding the alleged layoffs.
eBay’s acquisition of KnownOrigin in July 2022, though undisclosed in terms of financial details, was deemed by the company as a significant move in its “tech-led reimagination.” This acquisition followed eBay’s purchase of another platform catering to collectible card game enthusiasts, TCGplayer, for nearly $300 million, just months after acquiring KnownOrigin.
