Leading e-commerce company eBay on Wednesday announced the acquisition of NFT marketplace KnownOrigin, a move that will propel the company further into the world of digital collectables. Details of the deal were not disclosed.

A non-fungible token (NFT) is financial security consisting of digital data stored on a blockchain distributed ledger. Ownership of the NFT is recorded on the blockchain and can be transferred by the owner, allowing the NFT to be sold and traded.

The move comes a month after eBay announced its first NFT collection in partnership with Tezos and Polygon-based NFT platform OneOf.

Founded in 2018, Manchester-based KnownOrigin has facilitated $7.8 million in NFT transaction volume since its launch, according to DappRadar.

Jamie Iannone, CEO of eBay, said: “eBay is the first stop for people looking for the perfect, hard-to-find or unique collectibles, and with this acquisition, we will continue to be the leading site for digital collectibles as our community grows.”