July 23, 2024
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Blockchain News

Dharma Labs is acquired by OpenSea in order to investigate Fiat for NFTs


OpenSea announced the acquisition of Dharma Labs for an undisclosed sum on January 18th. Following its most recent fundraising round, the world’s largest NFT marketplace was recently valued at $13.3 billion.

According to Reuters, the deal will enable the 2017-founded company “dramatically improve the experience of buying, minting, and selling NFTs” on its platform.

The two firms were in talks earlier this month, according to Axios, with the following details:

“Deal terms are still being hammered out, with current talk of an all-stock deal valued at between $110 million and $130 million.”

There will be a change at the top as a result of the acquisition. Alex Atallah, OpenSea’s CTO, will take on a new role leading the company’s Web3 and NFT ecosystem development. Dharma Labs Chief Executive Nadav Hollander will take his place.

Hollander, who previously worked for Google and Coinbase, said that because to the significant expansion in NFT markets in 2021, OpenSea grew “practically 1,000x overnight,” before adding:

“We now have the historic opportunity to build a truly generational product. I’m excited to focus on scaling OpenSea’s tech to meet the reliability, performance, and uptime benchmarks its users expect and deserve.”

Dharma began as a DeFi lending service, allowing users to deposit fiat currency in order to exchange tokens on Uniswap. The company is also closely linked to the world’s most popular decentralized exchange. It became a voting influence in Uniswap’s governance. Thats, after integrating with the DEX in 2020 and holding a large bag of UNI tokens.

According to the release, Dharma’s app will be decommissioned. Then, and it’s probable that OpenSea will develop something similar to allow users to purchase. Also, and sell NFTs in fiat as well as crypto.

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