NFT marketplace OpenSea has disclosed that it has decided to acquire crypto wallet startup Dharma Labs. Previously, it has been revealed that OpenSea is planning to acquire the crypto wallet startup for between $110 million and $130 million. Dharma’s Ethereum wallet enabled users to link their bank accounts, and purchase and exchange tokens while integrating with other elements of the DeFi ecosystem.

Furthermore, it has been disclosed that as per the deal, Dharma Labs co-founder Nadav Hollander will join OpenSea as its new Chief Technology Officer (CTO) as part of the agreement. Alex Atallah, the firm’s previous CTO, will take on a new role "where he'll lead OpenSea's web3 and NFT ecosystem development projects.

In an announcement, OpenSea disclosed that there's no doubt that OpenSea is in development mode. NFTs reached a watershed moment in 2021 when the world realized their potential as building blocks for a completely new peer-to-peer internet. As OpenSea approach 2022, NFTs are gaining public attention the firm is honored to have the opportunity to contribute to their advancement.

OpenSea Core Priorities

In addition, OpenSea revealed that it has four core priorities:

  • Speeding product development to satisfy the demands of its growing community
  • Increasing our trust, safety, and reliability efforts
  • Investing meaningfully in the NFT and web3 ecosystem
  • Considerably growing our personnel

The acquisition of Dharma Lab has proved that NFT marketplace OpenSea has been successful in achieving all of its main goals. OpenSea revealed that Dharma's team is one of the world's most creative and well-respected consumer crypto teams. Its teams believe that NFTs will be the central focus of crypto acceptance for many years to come, and that vision will only be accomplished if utilizing NFTs becomes simple and enjoyable for the common person.