NFT Marketplace OpenSea Acquires Dharma Labs, Appoints New CTO

UTC by Sanaa Sharma · 3 min read
NFT Marketplace OpenSea Acquires Dharma Labs, Appoints New CTO

According to the recent disclosure on OpenSea’s blog, the team at Dharma has had significant exposure in onboarding fiat currency to blockchains.

On 18th January, NFT marketplace platform OpenSea disclosed its recent accession of Dharma Labs, a protocol for collective tokenized debt agreements. According to the announcement, Dharma Labs will subsequently stop all the operations. Nadav Hollander and Brendan Forster, two of the Dharma Labs founders, will beneficially become the new OpenSea Chief Technology Officer and its Head of Strategy respectively.

The notification by the company comes after a report in Axios in January, where the conjectures over OpenSea’s plan to purchase a startup between $110 Million and $130 million were evaluated.

According to the recent disclosure on OpenSea’s blog, the team at Dharma has had significant exposure in coherently onboarding fiat currency to blockchains. OpenSea goes on to claim that this alliance will be a ‘force multiplier’ for Non-Fungible Tokens and Web3 adoption. Devin Finzer, OpenSea’s co-founder and Chief Executive Officer, acknowledges the fact that the collaboration will excessively revamp the understanding and knowledge of purchasing, minting, and trading NFTs on OpenSea. The company’s primary goals of boosting product development, upgrading security, evaluating investments in NFT, and recruiting for the team will be met with the current partnership.

Nadav Hollander, OpenSea’s newly appointed Chief Technology Officer will presumably utilize his knowledge and experience to upgrade and better their products’ technical efficiency while working on the construction of Web3-native mechanisms that cite and recognize dedicated people from the community.

In a message from the Dharma Labs, its Dharma Smart Wallet will be halted permanently in the upcoming thirty days. The company is therefore requesting its customers to revoke or sell their reserves by the deadline of February 18th, 2022. While that is true, the company has not assigned any charge for the above-mentioned transactions.

A couple of days ago, OpenSea had hit an all-time high of $3.5 billion monthly trade volume in Ether. Even when the month closing is two weeks away, the Non-Fungible Token (NFT) marketplace has achieved skyrocketing stats owing to the present NFT craze. According to the data from Dune Analytics, OpenSea had achieved its previous all-time high in August 2021 with a gradual decline until the end of the year.

In addition to that, OpenSea, on January 17th, 2022, revealed the induction of a private Non-fungible Token Security Group. This collaboration was initiated to attack the safety and security issues faced by the digital community at the top-most rung. Alex Atallah, who is the co-founder and current Chief Technology Officer of OpenSea, will take over the position supervising the community’s evolution and growth.

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