NFT marketplace OpenSea has acquired Dharma Labs, which makes a wallet app for buying and selling crypto.
OpenSea, which was recently valued at $13 billion, is acquiring the company to help build out its product for consumers. The Dharma app is going to shut down, the companies said.
OpenSea recently blocked the sale of stolen Bored Ape Yacht Club NFTs on its market, highlighting the need for more sophisticated protections for buyers. OpenSea buyers must currently connect a third-party wallet to their account, adding a layer of complexity to the process of acquiring an NFT.
Nadav Hollander, CEO of Dharma Labs, is becoming CTO of OpenSea as part of the deal.