NFT Marketplace OpenSea Confirms Purchase of Dharma Labs

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NFT marketplace OpenSea has confirmed the purchase of Dharma Labs, the developer of an Ethereum wallet with the ability to buy tokens on Uniswap for fiat.

The deal will integrate project infrastructure components to facilitate the purchase, sale and issuance of non-fungible tokens (NFTs).

Axios announced on January 4 that OpenSea was interested in buying Dharma labs. According to The Block, the amount of the transaction was between $110 million-$130 million. However, the amount has not been officially disclosed.

Dharma Labs co-founder Nadav Hollander will become CTO of OpenSea, where he will improve the technical reliability and uptime of the marketplace, as well as create mechanisms built into web3 to interact and encourage the community.

Dharma Labs co-founder Brendan Forster will become the head of strategy.