OpenSea Marketplace Purchased ETH Wallet Maker Dharma Labs

The NFT OpenSea marketplace purchased ETH wallet maker Dharma Labs and its CEO Nadav Hollander will become the new CTO of OpenSea so let’s read more in today’s latest Ethereum news.

The OpenSea marketplace purchased ETH wallet maker Dharma Labs according to the statemetn issued today by CEO and co-founder Devin Finzer. He hopes the acquisition will help the marketplace grow in 2022 and will improve the technical reliability of the products that are most prone to outages. Dharma Labs’ CEO will also become the new chief technology officer of OpenSea. The company created the Dharma Ethereum wallet which allows users to borrow and lend digital assets.

1/ On behalf of the entire Dharma organization, we are thrilled to announce that we’re being acquired by @OpenSea. https://t.co/YGz7U51ZLa

— Dharma (@Dharma_HQ) January 18, 2022

It hasn’t been disclosed how much OpenSea will spend to buy Dharma but accoridng to some reports, the deal would fall in the range of $110 million to $130 million. Finzer said that the team at Dharma is among the most talented and respected consumer crypto teams in the world:

“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.”

Finzer said that Hollander’s priorities at OpenSea will be to improve the technical reliability and the uptime of the products but also to build Web3 native mechanisms for engaging with the loyal community. OpenSea is the biggest marketplace for NFTs and it was valued at $13.3 billion. The monthly trading volume on the website is now set at $3.5 billion. This is because the interest in NFT continues to grow. These digital tokens that represent anything from art to music, exist ont the blockchain and it is mostly on Ethereum, they took off among art collectors and became quite popular with celebrities. Dharma Labs said in a statement that the app will shut down over the next 30 days and the users will also have to empty their wallets before February 18.

As recently reported, The OpenSea NFT market recorded a new high in monthly Ethereum trading volumes and soared past the $3.5 billion mark according to the data from Dune Analytics. With two more weeks to go before the end of the month, OpenSea trading volume now surpassed both the previous ATH of $3.42 billion from last year and the $3.24 billion in sales in December.