Non-fungible token (NFT) marketplace OpenSea has acquired cryptocurrency lending Dharma Labs, its lending platform and digital wallet service to invest in NFTs and the Web3 ecosystem. As part of the deal, Dharma Labs co-founder and CEO Nadav Hollander will become OpenSea’s new chief technology officer. OpenSea claims the deal would help it “dramatically improve the experience of buying, minting and selling NFTs in its market”, while also putting an end to the Dharma Labs app that has been around for a few years now.
“Our teams share the vision that NFTs will be the cultural hub of crypto adoption in the coming years — and that vision can only be realized if using NFTs becomes easy and enjoyable for the average person,” said OpenSea CEO Devin Finzer in the mail . “Ultimately, we believe this union will be a power multiplier for NFTs and Web3 adoption, helping us dramatically improve the experience of buying, minting and selling NFTs on OpenSea – whether you’re a novice or a pro.”
Speaking about Nadav Hollander’s appointment as Chief Technology Officer, Finzer said: “Nadav’s impact will be far-reaching, but his initial mandate will be two core priorities: improving the technical reliability and uptime of our products and building Web3-native mechanisms. for interacting with and rewarding our early and loyal community.”
“In 2022 and beyond, we are excited to turn our attention to the focal point of mainstream crypto adoption: NFTs,” Dharma announced in a blog post. “We will bring our knowledge, expertise and technology to OpenSea to power a mainstream-friendly way to buy, sell and monetize NFTs. Together we will move the NFT industry forward,” said the now-acquired company.
Hollander will replace OpenSea’s co-founder and current chief technology officer, Alex Atallah, who will take on an externally-focused role overseeing his efforts to develop Web3 and NFT ecosystems.
Brendan Forster, co-founder and chief operating officer of Dharma, will become OpenSea’s head of strategy and hopes to bring a “Web3-native perspective in product, business, community and marketing” to the company, according to the company’s blog.
As part of the acquisition, Dharma will discontinue the Dharma wallet app for the next 30 days. Users must withdraw or sell their Dharma Smart Wallet funds before Feb. 18, the blog said.