Industry-leading nonfungible token (NFT) marketplace OpenSea has announced that bought Dharma Labs, a crypto wallet and payments provider.
On January 18th, OpenSea announced that it had acquired Dharma Labs for an undisclosed amount. The world’s top NFT marketplace was recently valued at $13.3 billion following its latest funding round.Reuters that deal would help it “dramatically improve the experience of buying, minting, and selling NFTs” on its platform.“Deal terms are still being hammered out, with current talk of an all-stock deal valued at between $110 million and $130 million.”The acquisition will involve a shift at the top.
Hollander, who formerly worked for Google and Coinbase, commented that OpenSea grew “practically 1,000x overnight” on the back of the massive explosion in NFT markets in 2021, before adding:“We now have the historic opportunity to build a truly generational product. I’m excited to focus on scaling OpenSea’s tech to meet the reliability, performance, and uptime benchmarks its users expect and deserve.
Dharma started out as a DeFi lending app that allowed users to deposit fiat in order to trade tokens on Uniswap. The company is also heavily intertwined with the world’s leading decentralized exchange. It integrated with the DEX in 2020 and holds a massive bag of UNI tokens making it one of the majorDharma’s app will be retired according to the announcement and it is likely that something similar will be developed by OpenSea to enable users to buy and sell NFTs for fiat in addition to crypto.
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