Recently, Ebay, the e-commerce behemoth, implemented significant changes within its Web3 division. These changes resulted in a 30% reduction in the division’s workforce and the departure of a pivotal employee. Among those affected by this restructuring is David Moore, the founder of Knownorigin, a marketplace for non-fungible tokens ( NFTs), whose post is redundant.
Ebay’s Web3 Division Reportedly Lays off 30% of Its Employees
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Ebay’s Dedication to Web3 Under Scrutiny
The Web3 division of the e-commerce giant Ebay recently let go of 30% of its workforce, a report has said. This development seemingly coincided with the resignation of the division’s Business and Strategy Officer, Stef Jay. The restructuring, which has occurred over a year and a half after Ebay acquired a non-fungible token ( NFT) marketplace, has sparked speculation about the e-commerce behemoth’s long-term commitment to Web3.
A report from Nftgators suggests that Ebay’s changes have resulted in an unspecified number of redundancies, including that of David Moore, co-founder of Knownorigin. These changes seem to have taken Moore unawares.
Commenting on the unexpected changes on social media, Moore said:
Witnessing that level of layoffs within the team was brutal. I know that these redundancies will impact people’s lives in different ways. Please take a moment to reflect on what you have achieved in such a short space of time. I wanted to take this opportunity to personally thank those I worked alongside and share my gratitude.
Although Ebay has not issued a public statement regarding the alleged layoffs, a report from Nftgators suggests that the e-commerce behemoth’s relationship with Knownorigin might have deteriorated. According to the report, Ebay acquired Knownorigin in June 2022, integrating it into its Web3 division.
A few months after this acquisition, Ebay also purchased TCGplayer, a trading card marketplace. However, in the wake of the layoffs and Jay’s resignation, critics are now questioning the credentials and qualifications of those at the helm of the Web3 division, as well as Ebay’s overall strategy.
Do you believe Ebay’s shake-up of its Web3 division to be the right course of action? Let us know what you think in the comments section below.
