Opensea Acquires Dharma Labs, Co-Founder Is Named New CTO

One of the leading marketplaces for NFTs globally, Opensea recently confirmed it is acquiring the defi crypto wallet startup Dharma Labs.
Opensea’s New Valuation
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.
In addition to shutting down the app, Nadav Hollander, a co-founder at Dharma Labs, will become the new chief technology officer (CTO) at Opensea.
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:
Some have suggested that early users of the platform may not have benefited enough from the surge in Opensea’s valuation.
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