Etsy (ETSY - Get Report)   , an online marketplace, today is opening an online arts and crafts store called Etsy Studio, Venture Beat reports.

Etsy first introduced the concept in February to its investors saying that the U.S. craft supplies business is worth $44 billion, and because it already sells crafting materials, it wanted a larger share of that market.

With the new Studio initiative, Etsy is attempting to bring the world's arts and crafts stores online, Venture Beat suggested.

Shares of the Brooklyn, NY.-based online marketplace were lower during midday trading on Tuesday. 

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