Dharma Labs Co-Founder Becomes CTO of Opensea

NFTs are garnering attention lately catching the eye of large companies and brands. This latest news covers Opensea making a big move on Dharma Labs. Currently, Opensea is one of the biggest NFT marketplaces worldwide. The trading platform has made a name for itself over the years and it’s now one of the biggest names in the world of NFTs, it’s probably one of the first platforms that come into mind when people mention the word “NFT Marketplace”.

Opensea Acquired Dharma Labs

Just recently, Opensea has announced that it is planning on acquiring Dharma Labs for a huge sum of money. There isn’t an exact price decided yet but it is believed to be a sum as large as $120 million or quite possible $130 million. 

This acquisition between the two parties will make the co-founder of Dharma Labs Nadav Hollander, the CTO of Opensea. This power move is most likely a result of Opensea’s new valuation in the market with the companies sudden surge in value up to $13.3 billion. 

This is good news for Opensea but users of the Dharma Lab app might not be too fond of this news. Part of the deal will include Opensea shutting down the Dharma Lab app. A lot of people consider this a controversial move especially since they can lose customers this way. Hollander will take over the soon-to-be-former CTO of Opensea Alex Atallah on his duties in developing the platform. 

The CEO of Opensea states that one of the many reasons for buying Dharma Labs was because the two companies share a vision of making NFTs the focal point of crypto adoption. Having one company absorb the other to become one might make their shared vision much easier to accomplish.  

Conclusion

This is scary news for Dharma Lab app users since the app might soon shut down if ever the company decides to go along with the acquisition. But it can be good news in the long run since both companies share the same vision in the end. 

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.