Media: eBay fired 30% of the staff of the Web3 division and curtailed work on NFTs

  • The media reported that eBay had curtailed work on projects in the field of digital art.
  • The company fired some of its employees, its chief strategy officer and one of the founders of KnownOrigin.
  • This is an NFT marketplace that eBay bought in June 2022.

eBay has cut the staff of its Web3 division by a third, including some top managers, and suspended work on NFT integration. NFTgators reports this with reference to its sources.

KnownOrigin and plans for development in Web3

In June 2022, eBay acquired the NFT marketplace KnownOrigin. At that time, the project team stated that the new partner was aimed at integrating innovations, in particular in the field of digital art.

The platform entered the market in 2018. The marketplace positions itself as a platform for selling rare and unique NFTs with certification of authenticity and authorship.

In February 2023, eBay opened several positions for Web3 specialist positions.

New course?

According to NFTgators, after the crypto winter, the company’s interest in the new sector faded. Sources of the publication claim that a wave of layoffs swept through the company, which primarily affected the Web3 division.

Among others, director of business and strategy Steph Jay resigned. David Moore, one of the founders of the KnownOrigin project, was also fired.

Many employees expressed dissatisfaction with the current course of the company, as well as the failed strategy of the new management, sources noted. In total, up to a third of the staff of the Web3 division were laid off, the publication said.

Sources claim that eBay has completely curtailed work on projects in the field of digital art. This led to certain disagreements between the company and its division, the publication’s interlocutors noted.

At the time of writing, neither eBay nor KnownOrigin had commented on the situation.