Recently, leading NFT marketplace OpenSea announced the acquisition of Dharma Labs, a digital wallet for cryptocurrencies, for an undisclosed amount; and that the Co-Founder and CEO of Dharma Labs, Nadav Hollander would become OpenSea's chief technology officer.
"This union will be a force multiplier for NFTs and web3 adoption, and help us dramatically improve the experience of buying, minting, and selling NFTs on OpenSea — whether you’re a beginner, or a pro." said OpenSea
Founded in 2017, OpenSea, was recently valued at $13.3B in its latest round of venture funding. OpenSea said that its Co-Founder and current CTO, Alex Atallah, will step into a new, externally facing role where he will supervise the company's web3 and NFT ecosystem development efforts. Atallah will serve as OpenSea’s representative for the recently announced NFT Security Group. OpenSea also informed that with this acquisition Dharma Labs' app would be shutting down.
OpenSea said that 2021 was a landmark year for NFTs, and the world recognized their potential as building blocks for a brand new, peer-to-peer internet. Since NFTs are squarely in the center of the public interest Opensea is humbled by the opportunity to help drive the space forward.
NFTs, which are a type of digital asset which exist on the record-keeping technology blockchain, exploded in popularity over the year 2021, with people purchasing artworks, collectibles and video highlights from sports games as NFTs. NFT sales reached around $25 billion in 2021, as per data from market tracker DappRadar.
Dharma Labs said that its user should withdraw or sell their funds from the Dharma Smart Wallet before 18 February 2022. In the coming weeks, Dharma Labs will be sharing technical details on how its customers will retain non-custodial access to their remaining funds in the Dharma Smart Wallet.
"we strongly encourage our users to take advantage of the off-boarding experience we've built in the app and empty their wallet at no cost in the next 30 days." wrote Dharma Labs
