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July 15, 2024
Egypt Bulletin
Business

Ebay’s Web3 division cuts 30% of workforce amid speculation

Ebay, a major player in e-commerce, has reportedly made substantial changes within its Web3 division, resulting in a significant downsizing. Approximately 30% of the division’s employees have been laid off, including a key figure, David Moore, founder of Knownorigin, an NFT marketplace. The departure of Stef Jay, the Business and Strategy Officer of Ebay’s Web3 division, coincides with this restructuring, raising questions about the company’s commitment to Web3 in the long term.

Ebay's Web3 division cuts 30% of workforce amid speculation

Reports indicate that Ebay’s Web3 division recently underwent a workforce reduction of about 30%, coupled with the resignation of Stef Jay. The timing of these events, following Ebay’s acquisition of an NFT marketplace, has fueled speculation about the company’s dedication to Web3 technology. According to sources like Nftgators, the restructuring has led to layoffs affecting various employees, including David Moore, co-founder of Knownorigin.

Moore expressed surprise at the changes, highlighting the personal impact on individuals’ lives and expressing gratitude to his former colleagues. Although Ebay has remained silent on the reported layoffs, insights from Nftgators suggest a potential strain in Ebay’s relationship with Knownorigin, acquired by the company in 2022 and integrated into its Web3 division. After acquiring Knownorigin, Ebay expanded its Web3 portfolio with the purchase of TCGplayer, a trading card marketplace.

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