- OpenSea purchased nearly 5 year old DeFi protocol Dharma Labs, but involved amount in deal wasn’t disclosed.
- Prime objectives for acquisition are scaling product development, team growth, extending security and more.
- Dharma Smart Wallet by Dharma Labs will get disabled in thirty days, on 18th February as per a statement by organization.
OpenSea Lay Hold of Dharma Labs
NFT behemoth OpenSea made an announcement on Tuesday regarding Dharma Lab’s acquisition, a virtual wallet and lending platform, for an unrevealed sum. As per a statement, organization will shut down effectively and, Brendan Forster and Nadav Hollander will be appointed as latest Strategy Head and Chief Technology Officer, respectively.
As per OpenSea, deal will assist in attaining its objective to scale development of product, team growth, extend security and reliability efforts, and invest in the ecosystem of Web3 and NFTs.
OpenSea’s Chief Executive Officer and co-founder, Devin Finzer thinks that Dharma Lab and NFT marketplace’s “union” will assist seriously make experience regarding selling, purchasing and minting Non Fungible Tokens on marketplace better.
Both organizations share perspective that Non Fungible Tokens will be culture’s center point of focus of digital assets’ adoption for coming years. And this perspective can be attained if utilizing NFTs becomes joyful and more straightforward for general public.
New CTO and Wallet Deactivation
As OpenSea’s latest Chief Tech Officer, Nadav is anticipated to utilize his experience to make products’ uptime and reliability better, and to develop mechanisms native to Web3 that benefits loyal members of community. Individual is a sophisticated leader from initial community of Ethereum, having evangelized, released, and developed some crucial products and protocols in DeFi Space.
Hollander will bring latest expertise indigenous to crypto, to OpenSea platform, having abided his career developing mechanisms that proficiently mask smart contracts’ and blockchain complications to be utilized by mainstream users.
As per Dharma lab’s statement, Dharma Smart wallet is going down in thirty days on 18th of next month. It requests clients of wallet to trade or withdraw funds available in it, before wallet gets deactivated.
In addition, OpenSea made an announcement lately, to create a private NFT Security Group in an attempt to steer investments and tackling safety and security barriers faced by Web3.0 and NFT ecosystem. Present CTO and co-founder Alex Atallah will take on the part of monitoring development of group.
As OpenSea platform has evolved from mom and pop to a $13.3 Billion NFT behemoth, some of its clients raised a voice by expressing perspectives that NFT platform is still too centralized for universe of Web3, and initial users of platform didn’t get many benefits from its bumping valuation as compared to venture capitalists.
In spite of growing attention towards contenders like Zora, Rarible and new startup LookRare, OpenSea is still miles away to become a clear powerhouse in NFT universe.
As of this writing, OpenSea’s trade volume was $106.45 Million, down by 0.84% in past 24 hours.