Sources revealed that e-commerce giant eBay has laid off more than 30% of its Web3 team, triggering speculation that it may close its NFT business.
In June 2022, eBay acquired the NFT market KnownOrigin. Sources say eBay has now changed its Web3 strategy, its business and strategy officer Stef Jay has resigned, and its relationship with KnownOrigin has soured.
Sources said the company has suspended all digital arts initiatives, and internal criticism of leadership and strategy teams has increased. The future of eBay’s NFT business is unclear amid the crypto bear market. (NFTgators)