KnownOrigin will wind down its on-chain operations, directing users to secondary marketplaces like OpenSea and MagicEden while ensuring ownership proof through Ethereum-minted NFTs.
Points
- KnownOrigin to cease on-chain operations.
- Users redirected to secondary marketplaces.
- KnownOrigin NFTs will remain tradeable on platforms like OpenSea.
KnownOrigin, a pioneering platform in the NFT space, has announced that it will wind down its on-chain operations. Users are encouraged to transition to secondary marketplaces such as OpenSea and MagicEden for trading their NFTs. Despite ceasing on-chain operations, Ethereum-minted KnownOrigin NFTs will continue to provide proof of ownership and remain freely tradeable on these platforms.
Founded in 2018, KnownOrigin has showcased major crypto artists like XCOPY, establishing a significant presence in the NFT market. The decision to wind down on-chain operations reflects changes in the market dynamics and the platform’s strategic pivot to leverage existing secondary marketplaces, ensuring liquidity and broader reach for its users.
The transition aims to simplify the trading process for users while maintaining the integrity and value of the NFTs created on KnownOrigin. This move highlights the evolving nature of the NFT space and the importance of adaptability in sustaining long-term growth.
https://x.com/KnownOrigin_io/status/1813576642058698830
https://x.com/KnownOrigin_io/status/1813576649050583244
– On-chain operations: Activities and transactions that occur directly on a blockchain network.
– Secondary marketplaces: Platforms where digital assets, such as NFTs, can be traded after their initial sale, often providing increased liquidity and broader exposure.
– Proof of ownership: The ability to demonstrate possession of an asset, verified through blockchain technology.
– Liquidity: The ease with which an asset can be converted into cash without affecting its market price.
– NFT （Non-Fungible Token）: A unique digital asset verified using blockchain technology, often used for art, collectibles, and other unique items.