eBay Web3 Team Cut 30% Amid Its NFT Business May Close

Key Points:

• eBay is reevaluating its NFT strategy, with reports of significant layoffs within the eBay Web3 team, including the resignation of Stef Jay, the business and strategy officer.
• Recent changes follow eBay’s acquisition of NFT marketplace KnownOrigin in June 2022 and the subsequent purchase of TCGplayer, signaling a significant investment in digital collectibles.

eBay is reconsidering its approach to Non-Fungible Tokens (NFTs) amid significant changes within the eBay Web3 team.

eBay Web3 Team Strategy Under Scrutiny: Layoffs and Leadership Resignation

Reports from NFTgators suggest that the company has downsized eBay Web3 team by more than 30%, prompting speculation about the company’s commitment to NFTs. Stef Jay, the business and strategy officer of the eBay Web3 team, has also resigned.

The shake-up follows eBay‘s acquisition of the Manchester-based NFT marketplace KnownOrigin in June 2022, which saw KnownOrigin’s team and intellectual property absorbed into the eBay Web3 team. This move was part of eBay’s expansion into digital collectibles, which was further bolstered by the $295 million acquisition of trading card marketplace TCGplayer just two months later.

Discontent and Uncertainty at eBay’s Web3 Division

However, recent developments indicate a shift in eBay’s Web3 strategy. David Moore, one of the founders of KnownOrigin, has reportedly been let go, signaling a possible rift between eBay and its NFT acquisition. The future of NFTs on eBay’s platform has become uncertain, with rumors suggesting that the company has halted plans for digital art.

Moreover, internal dissatisfaction appears to be brewing within eBay, with employees expressing concerns about leadership and strategy. David Moore himself voiced criticism, highlighting discontent among staff, including senior members, regarding the qualifications of eBay’s Web3 leadership and strategy team.

Despite opening numerous Web3 job vacancies earlier in 2023, eBay’s recent actions cast doubt on its commitment to the NFT market. The company’s decision to downsize its Web3 team and the departure of key personnel raise questions about its future direction in the rapidly evolving world of digital collectibles.