KnownOrigin, a renowned digital NFT marketplace, has announced in a recent X post that it will gradually wind down its on-chain marketplaces and minter. This transition, set to take place over the coming weeks, will see KnownOrigin directing users to secondary marketplaces for future transactions.
The platform revealed that KnownOrigin NFTs are minted on the Ethereum blockchain. This ensures that ownership remains provable and that these tokens can be freely traded on secondary platforms such as OpenSea and MagicEden.
KnownOrigin, founded in 2018, swiftly established itself as a prominent player in the NFT space, showcasing works from key crypto artists like XCOPY, Hackatao, and Miss Al Simpson. The platform’s decision to wind down operations comes as another significant loss in a challenging bear market, similar to the recent closure of Async Art in October 2023.
Artist XCOPY, renowned within the NFT community, shared his reflections on the development, noting it was an honor to mint on KnownOrigin. He recalls many great memories and surviving the bear market by bouncing mints between SuperRare and KnownOrigin, and he fondly remembers the Telegram bot buzzing in his pocket at work.
The announcement comes just over two years after KnownOrigin was acquired by global e-commerce leader eBay. The acquisition, for an undisclosed amount, was part of eBay’s broader strategy to expand its footprint in the digital collectibles market. At the time, eBay CEO Jamie Iannone expressed enthusiasm for the acquisition, stating they looked forward to welcoming these innovators into the eBay community.
The recent decision by KnownOrigin to cease its on-chain operations shows that NFT marketplaces have not been spared from the general struggles of the current economic climate. Though it was actively involved in the initial boom of NFTs, KnownOrigin is among the numerous platforms facing the challenge of sustainability in the current market condition.
Trump Plans Fourth NFT Collection Amid Concerns Over Chinese Crypto DominanceThis announcement has resonated with the NFT community, and many artists and collectors have taken the opportunity to share their stories of using KnownOrigin. The marketplace’s history shall be remembered for supporting the early digital artists and contributing to the NFT market even if the platform ceases all on-chain operations.
Meanwhile, the NFT market keeps changing as KnownOrigin goes through this shift. OpenSea and MagicEden, the secondary marketplaces, are ready to open their doors to the artists and collectors. This shift highlights that the NFT market is even more robust and flexible, with significant operational changes.
