KnownOrigin, the NFT marketplace acquired by eBay in June 2022, has announced that it will be shutting down its on-chain marketplace and minting capabilities.In February, eBay laid off 30% of KnownOrigin's workforce, raising concerns about the platform's future. The recent announcement confirms those fears, with the company stating that it has decided to cease operations due to changes in the NFT market.

The company acknowledged that the industry landscape is changing and that secondary marketplaces like OpenSea and MagicEden are gaining importance. Despite the fact that the market will close, KnownOrigin has assured users that existing NFTs will remain fully functional and tradable.KnownOrigin said, “All KnownOrigin NFTs are minted on the Ether blockchain. This means that ownership is provable and that these tokens can be publicly traded on secondary markets such as OpenSea and MagicEden.