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eBay acquires KnownOrigin marketplace, expanding NFT business

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eBay acquires KnownOrigin marketplace, expanding NFT business Abdulrasaq Ariwoola 路 11 hours ago 2 min read

KnownOrigin said it believes the acquisition would “help bring even more creators and collectors into the space.”

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Updated: June 23, 2022 at 7:42 am

Cover art/illustration via CryptoSlate

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American e-commerce company eBay has acquired Manchester, UK-based KnownOrigin, which allows artists and collectors to create, buy and resell NFTs.

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The financial details of the deal were not disclosed in a June 22 press release.

EBay CEO Jamie Iannone said:

鈥渆Bay 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.鈥

KnownOrigin commented on the acquisition in a post on its website and noted eBay鈥檚 culture of innovation, adding:

鈥渆Bay is currently undertaking a massive tech-led reimagination and we are at the heart of their vision. We鈥檙e excited to see how together we can empower our existing creators and introduce a whole new global audience through this acquisition.鈥

KnownOrigin also said it believes the acquisition would 鈥渉elp bring even more creators and collectors into the space.鈥

James Morgan, the co-founder, clarified the changes likely to result from the acquisition in a FAQ post on medium. According to the medium post, there are currently no plans to change the KnowOrigin team.

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Morgan also stated in response to a FAQ on whether KnowOrigin artists can sell on eBay that 鈥渢here will be no immediate changes.鈥

A step further into Web3

The KnownOrigin acquisition signals eBay鈥檚 continued bid to delve deep into Web3 and integrate its platform.

Acting on the increased popularity of collectibles, the e-commerce giant launched its first NFT collection in May. It launched the collection dubbed 鈥淕enesis鈥 in collaboration with OneOf, and it featured animated and 3D interpretations of the iconic athletes featured on covers of the Sports Illustrated.

Recently, Spotify announced that it is testing new features that would allow NFT integration, while Polygon has partnered with Meta to create an NFT platform for Instagram and Facebook.

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Albania To Start Taxing Crypto-Related Income From 2023

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Albania To Start Taxing Crypto-Related Income From 2023

Authorities in Albania are finalizing regulations that will allow the taxation of income and profits from cryptocurrency investments. The government intends to begin imposing the levy in 2023, after adopting the necessary legislation which has been proposed for public consultations.

Albania Set to Impose Crypto Tax as Early as Next Year

The Albanian state should begin collecting taxes on income from crypto assets as of 2023 in accordance with a new income tax bill, the local English-language portal Exit News reported on Friday. The government also hopes to pass a number of other laws and bylaws this year in order to comprehensively regulate the matter.

The special tax legislation is currently open for public consultations. It introduces the concept of taxing crypto holdings and income derived from virtual assets. The latter have been defined as 鈥渁 digital representation of a value that can be deposited, traded or transferred in digital form, and that can be used for payment or investment purposes or as a medium of exchange, including but not limited to cryptocurrencies.鈥

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However, the definition does not cover central bank digital currencies (CBDCs), the report notes. That鈥檚 despite a growing number of monetary authorities around the world developing a digital version of their national fiats. The list includes major powers such as the United States, the European Union, China, and the Russian Federation.

The Albanian law also defines cryptocurrency mining as an activity using computing power to confirm transactions and gain virtual assets in exchange. The extraction of cryptocurrencies has been a grey area although law enforcement has been going after illegal mining facilities in the country and pressed charges against some of their operators.

Under the new legislation, any income from crypto transactions or mining will be classified as corporate income when it鈥檚 received as a result of business activity. And when the beneficiaries are private individuals, they will have to pay capital gains tax of 15%.

Financial Watchdog Tasked to Expand Crypto Regulatory Framework

Earlier this month, the Albanian parliament ordered the Financial Supervisory Authority (AFSA) to prepare and adopt new regulations regarding cryptocurrencies by the end of 2022. Albanian law allows crypto trading platforms to legally work in the country but no licensed entities are currently operating in Albania, Exit News remarked.

Two years ago, Albania also adopted a law titled 鈥淔inancial markets based on distributed ledger technology.鈥 While many have welcomed the legislation, critics have questioned whether the small nation in South East Europe, still an EU hopeful, is capable of properly regulating its crypto sector to prevent it from being used for money laundering, something it鈥檚 struggling to achieve in the fiat space.

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The legislature referenced a recent report by the Council of Europe鈥檚 Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval), which recommended additional steps regarding the risks associated with cryptocurrency. In November 2021, the AFSA approved its first two regulations implementing the crypto markets law, which introduced capital and licensing requirements for entities working with digital assets.

Do you expect Albania to adopt comprehensive regulations for its crypto space by the end of the year? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens鈥檚 quote: 鈥淏eing a writer is what I am, rather than what I do.鈥 Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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NHL enters the NFT space partnering with Marketplace Sweet

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NHL enters the NFT space partnering with Marketplace Sweet Abdulrasaq Ariwoola 路 42 seconds ago 1 min read

The NHL partnership with Sweet will offer a variety of digital collectible experiences to its fans, tradable in the marketplace

1 min read

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Updated: June 25, 2022 at 3:59 am

Cover art/illustration via CryptoSlate

馃憢 Want to work with us? CryptoSlate is hiring for a handful of positions!

The National Hockey League on Thursday announced its partnership with NFT Marketplace Sweet. This partnership will be the league鈥檚 first dive into digital collectibles.

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The partnership, of which the NHL鈥檚 players and Alumni鈥檚 association are part, will go live in October to mark the start of the 2022-2033 NHL season.

The NHL Marketplace

The NFT marketplace is expected to offer a range of experiences to NHL fans. Including digital collectibles that showcase historical moments, past and present season game highlights, and NHL stars top plays.

The marketplace will also feature gamified collection experiences, specialty packs, and 3D interactive trophy rooms where users can display their collections. Among these offerings there are also dynamic NFTs designed to change based on current team data.

Additionally, fans would be able to buy, sell, collect and trade the collectibles on the marketplace.

However, the announcement did not state which blockchain would host the marketplace.

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NFTs in the sporting space

The NHL聽 joins a long list of sporting institutions that have embraced digital collectibles.

In 2020, the NBA launched Top Shot NFTs, its digital collectibles marketplace, in partnership with DapperLabs. Likewise, the NFL launched its play and own NFT game while the MLB is to launch its NFT game soon.

However, the extreme sell-off in the crypto market has seen crypto companies pull out of sports deals. This is so as crypto companies strive to stay afloat as the severe sell-off continues in the market.

FTX recently pulled out of a partnership deal with Los Angeles Angels. Similarly, sources suggest a patch deal between NBA Washington Wizards and a crypto company has crashed.

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Brave Group Inc

Japanese Virtual IP Firm Raises $10 Million To Accelerate Metaverse Business

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Japanese Virtual IP Firm Raises $10 Million To Accelerate Metaverse Business

Brave Group Inc., a Japanese virtual IP firm, recently said it had raised $10 million in new capital and that the company expects to use part of these funds to boost its 鈥渟olution services for clients in the metaverse marketing business.鈥 Taking part in Brave Group鈥檚 latest funding round were two local companies, foreign investment funds, as well as individual investors.

Metaverse Market Growth

A Japan-based virtual IP business, Brave Group Inc., recently said it had raised $10 million in new funding, thus bringing the total raised so far to $18 million. The company is set to use the new capital to strengthen its existing business operations and to 鈥渆xpand its solution services for clients in the metaverse marketing business.鈥

In a recent statement, Brave Group revealed that Japanese companies like Dawn Capital and Osaka Gas Co. Ltd. had participated in the round that also featured 鈥渇oreign investment funds and individual investors.鈥 In remarks following the announcement of the capital raise, Kazuhiro Ishikura, a general partner at Dawn Capital, said:

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As the boundary between real and virtual life disappears, the form of entertainment will also change, and new IP content KOLs are expected to be born. As the metaverse market grows globally, we believe that the Brave group鈥檚 content will be at the center of the enthusiastic virtual communities that will emerge. We hope that the strength of the anime and manga culture that Japan has cultivated over the years will be brought to the world virtually.

Yuichi Sakamoto, senior general manager with Osaka Gas鈥 innovation department, is quoted stating his company is ready to help Brave Group Inc. 鈥渞ealize lifestyles and businesses that respond to the New Normal.鈥

For his part, the CEO of Brave Group Inc., Keito Noguchi, said through the $10 million fundraise, his company would now 鈥渕aximize the impact of Brave group鈥檚 IP not only in Japan but also in the world.鈥

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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