OpenSea acquires Dharma Labs and replaces its CTO.
OpenSea, an NFT marketplace, said that it had purchased Dharma Labs, a digital wallet for cryptocurrencies, for an unknown sum, and that Dharma’s CEO would become OpenSea’s chief technology officer.
The purchase will assist OpenSea, which was formed in 2017 and was recently valued at $13.3 billion in its current round of venture investment, “dramatically improve the experience of buying, minting, and selling NFTs” on its marketplace.
NFTs, or non-fungible tokens, are a kind of digital asset that reside on the blockchain record-keeping system. People are buying artworks and video clips from sports games as NFTs, and their popularity has skyrocketed in the last year.
According to industry tracker DappRadar, sales of NFTs reached over $25 billion in 2021, however there were signs of growth slowing near the end of the year.
The financial details of the acquisition were not disclosed by OpenSea. According to Axios, which broke the story, Dharma Labs has secured around $15 million in fundraising. According to Crunchbase records, it has raised $7.1 million.
OpenSea’s current CTO, Alex Atallah, will take on a new externally facing job supervising the company’s web3 and NFT ecosystem development, while Dharma Labs CEO Nadav Hollander will take over Atallah’s post.
The phrase “web3” refers to a decentralized future phase of the internet based on blockchains, in which users would have ownership shares in platforms.
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