E-commerce giant eBay has reportedly laid off over 30% of its staff in the Web3 division, leading to speculation that the company may be rethinking its NFT and Web3 strategy. The layoffs come after eBay acquired NFT marketplace KnownOrigin in June 2022 and had a concurrent partnership with OneOf, a Web3 firm working with music NFTs. Sources suggest that eBay has halted plans for NFTs and other types of digital collectibles on its platform, leading to internal criticisms of leadership and strategy. Despite the global NFT market cap reaching roughly $50 billion, eBay has not publicly acknowledged or confirmed the reasons for these changes.