The layoffs affected top executives

Media: eBay cuts Web 3.0 division staff by 30% and may close NFT business

20.02.2024 - 09:27

115

2 min

What’s new? The US e-commerce platform eBay has laid off more than 30% of employees of the Web 3.0 division of the KnownOrigin NFT marketplace owned by it, the NFTgators publication reports citing its own sources. Thus, Stef Jay, the business and strategy officer, resigned. In addition, David Moore, one of the founders of the KnownOrigin project, was fired.

Material by NFTgators

What else is known? According to the source of the publication, the relationship between eBay and KnownOrigin has deteriorated, and the company has abandoned all plans concerning NFTs. So, probably, the platform, will leave the market of non-fungible tokens in the near future.

In the announcement, Moore stated that “witnessing that level of lay offs within the team was brutal.” He thanked the employees for their work, calling them “creative minds” of Web 3.0.

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The team has also pledged to refund 100% of the funds to affected users

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Earlier, Devin Finzer, head of the OpenSea NFT marketplace, said the company was open to mergers and acquisitions, including its own sale. He also confirmed that the company had cut its staff by 50% last November, adding that the layoffs were not related to the worsening financial situation.

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