Opensea acquires Dharma Labs, co-founder named new CTO

Opensea, one of the largest NFT marketplaces in the world, recently announced that it will acquire Dharma Labs. The price is believed to be between $110 million and $130 million. As a result of the new agreement between the two companies, Dharma Labs co-founder Nadav Hollander will become Opensea’s new Chief Technology Officer (CTO).

New valuation for Opensea

Opensea is one of the world’s leading NFT marketplaces, recently comfirmed It is acquiring Dharma Labs, a Defi crypto wallet startup.The acquisition of Dharma Labs for $110 million to $130 million is an Opensea acquisition successful Seed value soared to $13.3 billion.

After the acquisition, Opensea will shut down the Dharma Labs app, a controversial move reported by Techcrunch. In addition to shutting down the app, Dharma Labs co-founder Nadav Hollander will become Opensea’s new chief technology officer (CTO). Hollander succeeds Alex Atallah, who now oversees the development of the marketplace web3 and NFT ecosystem.

in the blog postal This explains why some of the leading NFT marketplaces are buying Dharma Labs, Opensea CEO Devin Finzer said:

Our team has a shared vision that NFTs will be the cultural focus of cryptocurrency adoption for years to come – a vision that can only be achieved when using NFTs becomes easy and enjoyable for the average person.

Meanwhile, the report notes that some users of the NFT marketplace have begun to criticize what they see as Opensea’s overly centralized structure. Others said the platform’s early users may not have benefited enough from the surge in Opensea’s valuation.

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Terence Chimwala

Terence Zimwara is an award-winning journalist, author and author from Zimbabwe. He has written extensively on the economic woes of some African countries and how digital currencies can offer Africans an escape route.