Non-fungible token (NFT) market OpenSea has acquired cryptocurrency borrowing and lending platform and digital wallet service Dharma Labs to invest in NFTs and the Web3 ecosystem. As part of the deal, Dharma Labs co-founder and CEO Nadav Hollander will serve as OpenSea’s new chief technology officer. OpenSea says the deal would help it “significantly improve the experience of buying, minting and selling NFTs” in its marketplace, while also marking the end of the Dharma Labs app that has been around for a few years now. .
“Our teams share a vision that NFTs will be the cultural focal point of crypto adoption for years to come – and that vision can only be realized if using NFTs becomes easy and enjoyable for the average person. “said OpenSea CEO Devin Finzer. . “Ultimately, we believe this union will be a force multiplier for NFT and Web3 adoption, and will help us significantly improve the experience of buying, minting and selling NFTs on OpenSea, whether whether you are a beginner or a professional.”
Discussing Nadav Hollander’s appointment as Chief Technology Officer, Finzer said, “Nadav’s impact will be significant, but his initial tenure will focus on two key priorities: improving the technical reliability and availability of our products and create web3 native mechanisms to engage with and reward 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 provide a user-friendly way to buy, sell and mint NFTs. Together, we will drive the NFT industry forward,” the now-acquired company said.
Hollander will replace OpenSea co-founder and current CTO Alex Atallah, who will assume an external role to oversee his Web3 and NFT ecosystem development efforts.
Brendan Forster, co-founder and COO of Dharma, will become OpenSea’s chief strategy officer and hopes to bring a “native Web3 perspective on product, business, community and marketing” to the company. according to the company blog.
As part of the acquisition, Dharma will discontinue the Dharma Wallet app within the next 30 days. Users must withdraw or sell their Dharma Smart Wallet funds by February 18, the blog said.