The NFT marketplace OpenSea confirmed the acquisition of Dharma Labs, the developer of an Ethereum wallet with fiat on-ramp for Uniswap tokens. The deal will enable integrating components of the project’s infrastructure to simplify buying, selling and issuing non-fungible tokens.
Thrilled to welcome @NadavAHollander and the @Dharma_HQ team to OpenSea as we enter our next phase of growth. NFTs are the entry point for mainstream consumer adoption of web3 and crypto, and ultimately our union will help expedite adoption. https://t.co/RTL0INiet5
— Alex Atallah (alexatallah.eth) (@xanderatallah) January 18, 2022
On January 4, Axios reported on OpenSea’s interest in acquiring Dharma Labs. According to The Block, the deal amount was within the previously mentioned $110 million–$130 million range. Official figures were not disclosed.
Co-founder Nadav Hollander will assume the role of CTO at OpenSea. He will be tasked with improving reliability and uptime of the marketplace, as well as creating built-in web3 mechanisms for interaction and community incentives.
Another Dharma Labs co-founder, Brendan Forster, will become head of strategy.
Former OpenSea CTO Alex Atallah will oversee the development of the Web 3.0 and NFT ecosystem.
The Dharma app will cease operations, with users advised to withdraw funds by February 18.
As of the start of January has surpassed $3.5 billion in NFT trading volume on OpenSea’s marketplace.
Earlier, OpenSea closed a $300 million Series C financing round. The platform’s valuation reached $13.3 billion.
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