Opensea recently announced its intention to acquire Dharma Labs, one the most important NFT marketplaces worldwide. According to estimates, the purchase price ranges between $110 and $130 millions. The new deal between the companies will see Nadav Hollander (co-founder of Dharma Labs) become Opensea’s chief technology officer (CTO).
Opensea’s New Valuation
Opensea is one of the largest marketplaces to buy NFTs in the world and recently revealed that it was acquiring Dharma Labs, the crypto wallet startup. The acquisition of Dharma Labs for a price thought to be between $110 million and $130 million, comes shortly after Opensea’s successful seed round which saw its value surge to $13.3 billion.
Following the acquisition, Opensea will move to shut down Dharma Labs’ app in what a Techcrunch reports calls a controversial move. Opensea will also shut down Dharma Labs’ app. Nadav Hollander (co-founder of Dharma Labs) will be the chief technology officer (CTO). Hollander takes over from Alex Atallah who is now tasked with overseeing the development of the marketplace’s web3 and NFT ecosystem.
In a blog post that explains some of the leading NFT marketplace’s reasons for buying Dharma Labs, Opensea CEO Devin Finzer said:
Our teams share a vision that NFTs will be the cultural focal point of crypto’s adoption for years to come — and that vision can only be realized if using NFTs becomes easy & delightful for the average person.
Meanwhile, the report notes that some of the NFT marketplace’s users have become critical of what they view as Opensea’s overly centralized structure. Others have suggested that early users of the platform may not have benefited enough from the surge in Opensea’s valuation.
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