NFT's growth seems to be going stronger this year as the leading NFT company, OpenSea, a non-fungible token (NFT) marketplace, has acquired Dharma Labs, a cryptocurrency borrowing, lending, and digital wallet service, to invest in NFTs and the Web3 ecosystem.
Furthermore, Gadgets360 reported that Nadav Hollander, the co-founder and CEO of Dharma Labs will become OpenSea's new chief technology officer as part of the acquisition.
This recent acquisition would enable OpenSea to dramatically improve the experience of buying, minting, and selling NFTs on its marketplace, while the Dharma Labs app, which has been available for a few years, will be phased out.
Dharma Labs
According to TechCrunch, the app has become an instrument for crypto and NFT users in bridging directly to their personal bank accounts to swap and buy tokens while participating in other DeFi activities.
Unfortunately, as part of the deal signed by both Dharma Labs and OpenSea, the Dharma app will be closed down.
However, the Labs will only have 30 days to offboard all of its users to a different account, which they have accumulated for years. With that, the said shift is predicted to be a controversial move in the cryptocurrency industry.
Meet The New CTO
Hollander of Dharma Labs will join OpenSea as its new chief technology officer.
He is a seasoned Ethereum community leader who has designed, launched, and evangelized some of the industry's most prominent protocols and products.
Furthermore, he has spent his career designing solutions that adeptly disguise the complexity of smart contracts and blockchains for usage by mainstream consumers, bringing fresh crypto-native knowledge to OpenSea's leadership.
Improving the technical reliability and uptime of OpenSea's products will be the new CTO's first priority.
Aside from that, he is also expected to establish Web3-native mechanisms for engaging with and rewarding OpenSea's early and dedicated community.
OpenSea stated that they are ecstatic to have him join the OpenSea leadership team with his extensive crypto experience.
Alex Atallah, co-founder and current CTO of the NFT marketplace OpenSea, will represent the NFT Security Group, which was just announced, and will lead the soon-to-be-announced community investment efforts, as reported by International Business Times.
OpenSea Acquires Dharma Labs
On their official website, Dharma stated that when it comes to transferring the users' assets, the majority of them will not have to pay or be charged with a single cent as they empty their wallets.
The Labs stated that they are ready to cushion the vast amount of users emptying their accounts in the coming days.
The company has designed an experience for users to have easy and smooth transactions as the transition occurs.
What Will Happen Next?
Every user of the app is asked to sell or withdraw their funds from their Dharma Smart Wallet before Feb. 18.
The users can avail of the following free transaction for the next 30 days:
If they're over $100, their transfer will be free on Ethereum.
Users' transaction fee on Polygon is completely free, regardless of their size.
All sales to a bank account, if they're over $100, will be free on Ethereum.
For all sales to a bank account, Polygon is completely free, regardless of its size.
Lastly, crypto purchases and swaps will be disabled.
