eBay Lays Off 30% Staff from the Web3 Team: Report

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eBay, an American multinational e-commerce company based in California, has laid off close to 30% of its Web3 team, according to a report, and it seems that the firm is now rethinking its strategy when it comes to non-fungible tokens (NFTs). 

As reported earlier by TheCoinRise, eBay confirmed the acquisition of KnownOrigin, a British NFT marketplace with innovative features. The deal went through in 2022, but the amount involved in the acquisition was not revealed by the e-commerce marketplace. The firm was focused on capitalizing on the benefits of NFTs. 

eBay Lays Off 30% Staff from the Web3 Division

According to a report, a source with knowledge of the matter stated that eBay has laid off a significant portion of its Web3 team and is now changing its strategy when it comes to NFTs and Web3. The source confirmed that many people tied to the NFT division have left the e-commerce marketplace. 

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It is important to note that following a massive surge in prices in 2021, the NFT industry saw a significant decline in 2022 during the phase described as the crypto winter. Interestingly, the trading volumes of multiple tokens also declined, with multiple firms like GameStop calling it quits on the NFT endeavors.

eBay Invested Heavily on NFTs

As mentioned above, eBay invested heavily in the NFT sector, purchasing KnownOrigin, a deal that saw the NFT marketplace’s team and IP become part of the e-commerce firm’s Web3 division. After investing in KnownOrigin, the marketplace bought trading card marketplace TCGplayer for a whopping $295 million. 

Changing Strategies

According to the source, eBay is now changing its course when it comes to Web3, and Stef Jay, the business and strategy officer of the Web3 division, has officially left the firm. Moreover, David Moore, one of the founders of Knownorigin, has also “been made redundant,” the report confirmed. 

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“Many within the company are unhappy, blaming the lack of leadership and strategy for the layoffs. There are internal criticisms, even at senior levels, questioning the qualifications of the current head of web3 as well as eBay’s strategy team,” said the source. 

NFTs Making a Comeback?

While it seems that the NFT sector is slowing down after eBay decided to call it quits, American multinational corporation Coca-Cola debuted its magnificent ‘Masterpiece’ NFT collection on Coinbase’s Layer-2 platform, Base.

Additionally, presidential candidate Donald Trump also launched an exclusive line of “Mugshot Edition,” marking his second entry in the non-fungible token industry.

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