The e-commerce behemoth eBay has divided its workforce from the Web3 team by thirty percent and intends to exit the NFT sector within two years of acquiring the Manchester-based NFT marketplace KnownOrigin.
Many people involved in Web3 operations have left the business, according to a source who shared this information with NFTgators. The division’s business and strategy officer, Stef Jay, is said to have quit, while David Moore, KnownOrigin’s co-founder, doesn’t appear to be working anymore.
The insider added, “Many employees are disgruntled with the company and blame the layoffs on a lack of leadership and plan. Even at senior levels, there are internal critiques casting doubt on the credentials of eBay’s strategy team and the current head of web3.
This occurred 1.5 years after Manchester-based NFT marketplace KnownOrigin was acquired by eBay. In June 2022, eBay’s Web3 subsidiary acquired the personnel and intellectual property of KnownOrigin.
There is uncertainty regarding the future of NFTs on eBay’s platform due to the dissolution of the agreement between KnownOrigin and eBay. Sources claim that the e-commerce behemoth has given up on its plans for digital art.
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