KnownOrigin, eBay’s NFT Platform Launches Creator Smart Contracts

eBay bought KnownOriging, the NFT marketplace, last year.
It launches Creator Smart Contracts for artists.

Non-Fungible Tokens (NFTs) have gained a lot of traction in recent times. Almost every major corporate and conglomerate is attempting to enter the arena. A February 16 Tweet suggests that e-commerce giant eBay would launch their NFT marketplace KnownOrigin’s creator smart contracts for artists.

Over the past few weeks, our community of creators have been testing our exciting new Creator Contracts as part of a closed beta release. So far 84 contracts have been deployed and 250 editions minted! Today, we are excited to announce our plans for public release! 🎉
— KnownOrigin.io (@KnownOrigin_io) February 16, 2023

These new contracts allow the artists to split their earnings, along with giving them the opportunity to earn co-creator royalties. KnownOrigin says that the users have been testing the Creator Contracts beta release versions for a few weeks. Eighty-four contracts have been deployed, and the minting of 250 NFTs editions is done so far.

From February 24, 2023, all the approved KnownOrigin creators will be able to deploy and mint work upon their own contracts for public release. Interestingly no prior coding knowledge is a prerequisite for deployment. KnownOriging was bought by eBay for an undisclosed amount in June 2022.

David Moore, co-founder KnownOrigin said that the Ethereum-based platform is working on empowering creators and collectors by allowing them to exhibit, sell and collect authenticated one-of-a-kind digital items.

E-commerce giant eBay has facilitated NFT listing on their direct marketplace since May 2021. Also, the company is yet to integrate blockchain technology to support transfers or crypto-based sales on its platform. The May 2022 airdrop required the users to use the in-platform messaging and e-mail services for getting their NFTs outside the platform. At the same time, the company is yet to support listing soliciting payments or transfers in crypto.

The NFT marketplace, KnownOrigin, was founded in 2020, well known for its dedicated, boutique community of NFT creators and artists. At the time, majorly popular collections listed on the platform were created by XCOPY, with 27 editions and 599 sales.

This piece is minted using KnownOrigin Creator Contracts, making use of the collaboration feature which will be available to all approved Creators on the 24th Feb!
View the full Collection:https://t.co/Ye0fMlseOZ
— KnownOrigin.io (@KnownOrigin_io) February 16, 2023

eBay announced the acquisition of KnownOrigin, an NFT marketplace, in June 2022. To help the company move ahead in blockchain technology and digital collectibles. The Manchester-based marketplace was bought for an undisclosed amount. It allows artists and collectors to create, purchase and sell NFTs through blockchain-enabled transactions.

In May 2022, eBay allowed users to buy and sell NFTs; this was when public interest in digital art was astounding. They also announced their debut collection in collaboration with OneOf, a green NFT platform.

Despite its increasing adoption, NFT technology and its market still need time to mature, mainly because it’s a fairly new concept. Such steps in the industry by giants like eBay, Warner Records, etc., are expected to bring desired attention and help mass adoption.

Agreed that the possibilities here are immense, but the recent crypto events and ignorance about the technology and its benefits have hampered the adoption rate. Steps should be taken by industry giants and corporations alike to empower general users with the knowledge of NFTs and their benefits.

This could solve the dilemma, clear the puzzle around the digital entity, and, most importantly, help the industry flourish. With more investment pouring in, research would be stronger and wider, facilitating its growth.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing