OpenSea announced on January 18th that it had purchased Dharma Labs in an undisclosed deal. After its most recent funding round, the world’s largest NFT marketplace was valued at $13.3 million.
According to sources at the firm, which was founded in 2017, the deal would “dramatically enhance the experience of buying minting and selling NFTs” through its platform.
Axios reported earlier this month that talks had been held between the companies.
“Deal terms are still being worked out. There is talk of an all stock deal worth between $110 million to $130 million.”
OpenSea to Allow Fiat?
There will be a change at the top with the acquisition. OpenSea announced that Alex Atallah, its CTO would take on a new role in managing the company’s Web3 ecosystem and NFT ecosystem development. Nadav Hollander, chief executive at Dharma Labs, will fill his position.
Hollander, who was previously employed by Google and Coinbase, stated that OpenSea had grown “practically 1000x overnight” due to the explosion in NFT markets for 2021. He then added:
“We now have an historic chance to create a truly revolutionary product. OpenSea’s technology must be scaled to deliver the reliability, performance and uptime benchmarks that its users demand and deserve. This is what I am excited about.
Dharma was originally a DeFi lending application that allowed users deposit fiat to trade tokens on Uniswap. It is closely linked to the world’s largest decentralized exchange. It merged with the DEX in 2020, and has a large collection of UNI tokens. This makes it one of the most influential voting factors in Uniswap governance.
According to the announcement, Dharma’s app is being retired. It is possible that OpenSea will develop something similar to allow users to purchase and sell NFTs for fiat and crypto.
NFT Ecosystem Outlook
OpenSea has experienced record volumes this year, surpassing August 2021, which was its previous high month for trading. Dune Analytics reports that OpenSea has made $3.8 billion in Ethereum sales so far this month. Since the start of the year, the marketplace has sold 1.4 million NFTs.
This month, the active traders count reached a new record with 388.843 traders. According to Dune, December 2021 was the previous record for this metric. There were 362,679 traders active on the platform at that time.
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