eBay Acquires Major NFT Marketplace KnownOrigin

ebayeBay, the old school global e-commerce leader, has acquired KnownOrigin, a platform that gives artists a space to create original NFTs. Artists and collectors can create, buy and resell NFTs via blockchain-supported transactions through KnownOrigin. The NFT marketplace was founded in 2018 in Manchester, UK and has facilitated $7.8 million in trade volume since, according to figures by DappRadar. With eBay looking to keep up with the world of now digital collecting, the acquisition of KnownOrigin is a crucial step.

“eBay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles,” stated Jamie Lannone, CEO of eBay. “KnownOrigin has built up an impressive, passionate and loyal group of artists and collectors making them a perfect addition to our community of sellers and buyers. We look forward to welcoming these innovators as they join the eBay community.”

In May of 2021, eBay began allowing users to buy and sell NFTs along with upgrades to it’s customer experience. Upgrades were made to eBay’s technology with tools that make it easier to find, sell and buy items.

KnownOrigin co-founder David Moor said, “As interest in NFTs continues to grow, we believe now is the perfect time for us to partner with a company that has the reach and experience of eBay. With more than twenty-five years building similar communities of passionate individuals, we are excited by the opportunity to bring a whole new audience on this journey.”

The 4th Annual NFT NYC Conference Kicked off on Tuesday

nft nycNFT NYC is being held across seven different venues in Times Square with over 14,000 attendees and over 300 sponsors. This four-day event is from June 20-23 and is discussing Non-Fungible Token topics like fashion, music, sports, brands, art, blockchains, film, and gaming. With over 1,500 speakers this event strives to bring together professionals, entrepreneurs, artists, and more to connect, network and grow their NFT ecosystem. This conference first started in 2019 with almost 500 attendees and now has guests traveling from all over the world to take part in this week’s events.

Each day of NFT NYC is divided into different sectors of topics and speakers with truly something for everyone. Topics discussed will include Why NFTs are important, CryptoKitties, and NFT Smart Contracts for Beginners. Best-selling author of The Business Blockchain, William Mougayar, will also be joining the event as a keynote speaker and moderator. Other speakers include Benny Giang Co-Founder of CryptoKitties, Richard Titus Managing Partner of Ark, and many more. Live events from the show are also being broadcast on the PlayStation Theater Times Square Billboard throughout the day.

Along with events taking place during the day there will be many after parties and dinner parties held to continue networking opportunities. Madonna, an NFT fan herself, will be closing out the show with a performance on the 23rd.

New York Passed a Bill Banning Bitcoin Mining Operations

Albany, NYOn Friday, New York lawmakers passed a bill banning crypto mining operations that utilize carbon-based power sources. If this bill becomes law there will be a two-year prohibition on cryptocurrency mining operations. The bill is now before Governor Kathy Hochul who can either sign or veto it.

According to Perianne Boring, the founder and president of the Chamber of Digital Commerce, this bill would make New York the first state in the country to ban blockchain technology infrastructure.

As explained in the bill, the state of New York implemented the Climate Leadership and Community Protection Act to help regulate and improve the future of the environment. Since cryptocurrency mining operations require a great deal of energy, a new section of the environmental conservation will be added. It states that new applications, new permits and the renewal of existing permits will not be approved “…for an electric generating facility that utilizes a carbon-based fuel and that provides, in whole or in part, behind-the-meter electric energy consumed or utilized by a cryptocurrency mining operation that uses proof-of-work authentication methods to validate blockchain transactions…”

Boring mentioned how the bill could have a negative impact on the economy of the state. “Bitcoin mining operations are providing high-paying and high-grade, great jobs for local communities. One of our members, their average pay is $80,000 a year.”

Boring further addressed how New York is a leader when it comes to state legislation. Whether the rest of the country is going to try and copy New York’s lead in this industry is another topic of discussion.

Others in the crypto space are not happy with the possible new law. Former executive director of the Bitcoin Foundation, Bruce Fenton, tweeted, “No government has the right to tell you what software to run.”

Vitalik Buterin, Ethereum founder, agreed with Fenton’s tweet and replied with, “The government picking and choosing which specific applications are an okay use of electricity or not is a bad idea. Better to just implement carbon pricing, and use some of the revenues to compensate low-income users.”