Home News NFT marketplace Opensea acquires Dharam Labs to explore Fiat for NFTs

NFT marketplace Opensea acquires Dharam Labs to explore Fiat for NFTs

NFT marketplace Opensea acquires Dharam Labs to explore Fiat for NFTs
NFT marketplace Opensea acquires Dharam Labs to explore Fiat for NFTs

OpenSea, a blockchain and cryptocurrency exchange for gaming items, has just bought Dharma Labs, an industry-leading provider of crypto wallets and payments.

On January 18th, OpenSea announced the acquisition of Dharma Lab yesterday. Following its latest round of funding, the company currently has a valuation of around $1.3 billion, making it one of the top 3 largest crypto exchanges in terms of the market cap when compared to other NFT markets

The companies were in talks earlier this month. They have not announced a deal yet, but it appears the discussions have progressed to that point.

“Deal terms are still being hammered out, with current talk of an all-stock deal valued at between $110 million and $130 million.”

OpenSea to use Fiat?

OpenSea, a firm involved in the business of trading virtual commodities and cryptocurrencies, announced its change of top. The CTO will now be managing the firm’s Web3 and NFT ecosystems development and be replaced by Dharma Labs Chief Executive Nadav Hollander.

Hollander is a former employee of both Google and Coinbase. He stated that OpenSea grew not just 1,000x overnight, but also “practically 1,000x overnight” on the back of the massive explosion in the NFT market in 2021.

“We now have the historic opportunity to build a truly generational product. I’m excited to focus on scaling OpenSea’s tech to meet the reliability, performance, and uptime benchmarks its users expect and deserve.”

Dharma is more than just a decentralized DeFi app that allows its users to trade tokens on Uniswap. It’s also heavily intertwined with the world’s leading DEX. We integrated with the DEX a few months ago and hold a significant number of UNI tokens making it one of the major voting influences in Uniswap. Access to voting should contribute to increased governance integrity as we move on.

Dharma has just announced the retirement of its app and it seems that OpenSea will create another app to allow users to buy & sell NFTs for fiat or crypto.

NFT Ecosystem

OpenSea has seen record traffic this year as expected and has already exceeded its previous high for trading in August of 2021. In the past month, OpenSea has had $3.8 billion in sales on Ethereum and the company is still growing stronger. The marketplace traded one million NFTs so far this year which is impressive considering that it started trading just a few months back.

Dune reported that its active traders count hit a record figure this month of 388,843 and the previous highest month was December 2021 with 362,679 active traders.

Also Read:

Walmart Planning to join Metaverse with own Crypto and NFTs

Australian Open Serves the world-first NFT art collection in Metaverse

Disney got its metaverse technology patent that links reality with AR

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