OpenSea Acquires Dharma, Coinbase Partners With Mastercard

Source: AdobeStock / pixarno


The marketplace for non-fungible tokens (NFTs) is off to a powerful begin in 2022. While that is evident from the rising variety of NFT customers and the rising quantity of transactions, the latest selections by a few of the business leaders additional strengthen this angle — as firms transfer to make it simpler for a mean consumer to purchase NFTs.

Just yesterday, main NFT market OpenSea announced the acquisition of crypto pockets startup Dharma Labs, whereas funds large Mastercard unveiled a partnership with crypto trade Coinbase to, as they stated, simplify the NFT shopping for expertise. 

OpenSea acquires Dharma Labs to push deeper into NFT and Web3

In an announcement, Opensea stated they’re buying Dharma Labs to speed up product improvement, increase security and reliability efforts, spend money on the NFT and Web3 ecosystems, and develop their group.

While particulars of the deal are undisclosed, a report earlier this month by Axios claimed that OpenSea was in dialogue to buy the initiative for between USD 110m and USD 130m.

Dharma Labs, a virtually five-year-old decentralized finance (DeFi) protocol, runs on Ethereum (ETH) and permits customers to borrow, lend, and interact with different components of the DeFi ecosystem. 

However, as a part of the deal, Dharma’s app shall be shut down and its customers shall be given one month to switch property to a unique pockets.

Per Devin Finzer, co-founder and CEO of OpenSea, the 2 groups “share a imaginative and prescient that NFTs would be the cultural focus of crypto’s adoption for years to return,” arguing that “that imaginative and prescient can solely be realized if utilizing NFTs turns into straightforward & pleasant for the typical particular person.”

Nadav Hollander, co-Founder and CEO of Dharma Labs, will develop into OpenSea’s new chief know-how officer, whereas the platform’s present CTO Alex Atallah will begin a brand new function as a consultant for the just lately introduced NFT Security Group. 

As reported, OpenSea and crypto derivatives trade FTX US introduced their NFT marketplaces in mid-October. Meanwhile, a brand new decentralized NFT market, LooksRare, outperfomed OpenSea by 4.25x in a matter of days since its debut.

Mastercard to convey card funds for Coinbase NFT customers

In a bid to simplify shopping for NFTs “as shopping for a T-shirt or espresso pods on an e-commerce website,” Mastercard has teamed up with Coinbase to permit card funds on its yet-to-be-launched NFT market.

Currently, customers who wish to buy NFTs must open a crypto pockets, purchase some ETH or different accepted crypto, after which use it to purchase an NFT. There are additionally technical complexities, in addition to consumer interface (UI) / consumer expertise (UX) hurdles with a few of the wallets, which make this course of much more complicated.

“We’re working to make NFTs extra accessible as a result of we imagine tech must be inclusive,” Mastercard stated. “When extra individuals are included in new applied sciences, it spurs innovation, helps economies develop and expands decisions for customers.”

Coinbase launched a waitlist for patrons all for its NFT market, which attracted 1.5% of the trade’s customers by mid-October final yr.


Learn extra:
– OpenSea Sees Massive Volume, Collections Gain Popularity as NFTs Boom in 2022
– OpenSea To Expand Beyond Ethereum, Eyes ‘Broadening’ of Marketplace – CEO

– Coinbase to Launch Crypto Derivatives in US, While Lawmakers Urge CFTC to Beef up Crypto Regulation
– Mastercard, Bakkt Team Up To Integrate Bitcoin In Global Payments Network

– Samsung Opens ‘Limited Time’ Store in Decentraland, Lures Metaverse Visitors With NFTs
– How Music NFTs Could Disrupt the Music Industry

– Metaverse Trends in 2022: Prepare for More Gaming and New Virtual Experiences with NFTs
– Insiders Predict: NFTs the ‘Gateway Drug to Crypto’, More Countries May Adopt Bitcoin in 2022

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About the Author: Daniel