OpenSea purchases ethereum wallet Dharma Labs

In 2022, the market for non-fungible tokens is off to a great start. While the growing number of NFT users and the amount of transactions demonstrate this, recent initiatives by key industry leaders bolster this viewpoint, as corporations attempt to make it easier for the average user to buy NFTs.

OpenSea, the world’s largest marketplace for non-fungible tokens, is acquiring Dharma Labs, an ethereum wallet developer, to assist it achieve a milestone. After the market for NFTs, or digital works of art linked to the blockchain, exploded last year, OpenSea said it’s in a build mode. The company plans to considerably expand its personnel as well as invest in the NFT and Web3 ecosystems. The acquisition of Dharma Labs by OpenSea will aid in achieving those objectives, according to the business. We believe this partnership will help us drastically improve the experience of buying, mining, and selling NFTs on OpenSea – whether you’re a newbie or an expert,” the business said in a statement.

While the deal’s specifics are unknown, Axios reported earlier that OpenSea was in talks to buy the programme for between USD 110 million and USD 130 million. Dharma Labs, a nearly five-year-old decentralised finance protocol based on Ethereum, allows users to borrow, lend, and interact with other Defi ecosystem components. Dharma’s app will be shut down as part of the agreement, and users will have one month to move their holdings to another wallet.

OpenSea’s new chief technology officer will be Nadav Hollander, co-Founder and CEO of Dharma Labs, while the platform’s existing CTO, Alex Atallah, will take on a new job as a spokesperson for the recently launched NFT Security Group. OpenSea and FTX US, a crypto derivatives exchange, announced their NFT marketplaces in mid-October. Meanwhile, LooksRare, a new decentralised NFT marketplace, has outperformed OpenSea by 4.25x in just a few days since its launch.

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