E-commerce giant eBay is said to have cut 30% of staff at NFT marketplace KnownOrigin.

As the NFT frenzy has cooled off, those who jumped on the bandwagon are now dealing with the consequences. Ebay has reportedly fired staff at KnownOrigin, an NFT marketplace it acquired in 2022, NFTGators has learned, citing people close to the matter.

According to the sources, eBay has fired its business and strategy officer Stefanie (Stef) Jay, who was appointed for the role in May 2021. KnownOrigin co-founder David Moore has reportedly also “been made redundant. With the latest move, eBay has halted all plans for digital art as “many within the company are unhappy, blaming the lack of leadership and strategy for the layoffs,” the source added.

In what seems to be an internal communication that was disclosed in the report, Moore expressed that witnessing the extent of layoffs within the team “was brutal.” As of press time, eBay made no public announcements on the matter.

The e-commerce giant acquired KnownOrigin in July 2022 for an undisclosed price. At the time, eBay said the acquisition was an “important step” in its “tech-led reimagination.” A few months after buying KnownOrigin, eBay acquired another marketplace for collectible card game enthusiasts called TCGplayer for nearly $300 million.