Non-fungible tokens (NFTs) marketplace OpenSea is expanding its market reach. The company has acquired crypto startup Dharma Labs, and proceeded to appoint a new CTO, the company announced today. Earlier this month, Axios broke the news of OpenSea’s plans to buy Dharma Labs for a fee in the region of $110-$130 million. Dharma Labs’ co-founder Nadav Hollander will be the new chief technology officer (CTO) for OpenSea. The Startup’s previous CTO has been handed a new role- to oversee OpenSea’s Web3 and NFT ecosystem development.
The deal is part of OpenSea’s long-term strategy of building on its core business principles, which are centered on accelerated product development, expanded trust, safety and reliability, investment in the NFTs and Web3 ecosystem, and growing a talented team.
“Our teams share a vision that NFTs will be the cultural focal point of crypto’s adoption for years to come — and that vision can only be realized if using NFTs becomes easy & delightful for the average person,”- OpenSea CEO Devin Finzer.
The NFTs marketplace believes that the acquisition will dramatically improve the experience of their users who buy, mint, and sell NFTs on OpenSea. OpenSea has grown into one of the biggest marketplaces and is currently valued at $13.3 billion. Despite stiff competition from Zora, Rarible, and LooksRare, OpenSea continues to grow into an NFT marketplace powerhouse. This acquisition will certainly consolidate its place in the crypto industry.