Last updated on February 29th, 2024 at 04:10 pm
E-commerce giant eBay might be reconsidering its Web3 and NFT strategy, with more than 30% of its Web3 division employees allegedly laid off, according to a report by NFTGators on Monday, February 19, 2024.
The report suggested that the e-commerce giant was shutting down the division, citing a source familiar with the matter.
The change in eBay’s Web3 strategy appears to be linked to the resignation of Stefanie Jay, the company’s Business and Strategy Officer, according to a source related to the project quoted in the NFTGator report. Jay, who was appointed in May 2021, has reportedly left the company recently.
eBay acquired Manchester-based NFT marketplace KnownOrigin in June 2022 and integrated its development team and intellectual property into the Web3 division. This move was concurrent with a collaboration with OneOf, a prominent Web3 company specializing in music NFTs. eBay further signalled its commitment to the virtual collectables market with the $295 million acquisition of TCGplayer.
The report suggested that internal conflicts between eBay and KnownOrigin led to the termination of plans for NFTs and other virtual collectibles on the platform. Notably, David Moore, co-founder of KnownOrigin, was reported to have been made “redundant”, although it is unclear whether this is an individual or collective action.
In what appears to be an internal communication that was disclosed in the NFTGator’s report, Moore noted that the level of layoffs within the company was “brutal.”
As of press time, eBay has not made any public announcement regarding the reported changes.
The NFT market, according to Forbes data, reached a peak capitalization of approximately $50 billion, with the current market cap standing at $49.51 billion, indicating a 0.06% decrease in the last 24 hours.
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