eBay has cut its Web3 sector by 33%, firing key executives and halting its NFT integration, sources tell NFTgators.
eBay bought NFT platform KnownOrigin in June 2022 in a bid to bring fresh ideas, especially in the digital arts space. Founded in 2018, the platform positions itself as a hub for selling exclusive #NFTs with validation and ownership. In February 2023, eBay announced a job opening for a Web3 specialist.
But since the cryptocurrency downturn, eBay's enthusiasm for the sector has waned. Layoffs hit the Web3 division hard, with Steph Jay, director of business and strategy, and David Moore, co-founder of KnownOrigin, leaving.
Many employees expressed dissatisfaction with the direction of the company and the misguided tactics of the new leadership. About a third of the #Web3 team reportedly faced layoffs.
Sources said eBay has discontinued digital initiatives, which has caused tension within the company.
At this point, #eBay and KnownOrigin have not spoken publicly about the matter.
