eBay has cut over 30% of its Web3 team and may shut down its NFT business

ChainCatcher news, according to NFTgators, e-commerce giant eBay has cut over 30% of its Web3 team, raising speculation about a possible shutdown of its NFT business. In June 2022, eBay acquired the NFT marketplace KnownOrigin, and now it is changing its Web3 strategy, with Chief Business and Strategy Officer Stef Jay resigning and relations with KnownOrigin deteriorating.

The company has suspended all digital art programs, and internal criticism of the leadership and strategy teams has increased. Against the backdrop of a bear market in the crypto market, the future of eBay's NFT business is uncertain.