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OpenSea welcomes new CTO, acquires Dharma Labs By BTC Peers

by Mike Robinson

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OpenSea receives Dharma Labs as its new Chief Technology Officer

OpenSea, the NFT market for open-source technology (NFT), announced Tuesday it had purchased Dharma Labs. Dharma Labs is a protocol that uses blockchain to create generic tokenized debt agreements. OpenSea would be appointing Dharma’s chief executive office as its chief technology officer.

The confirmation comes weeks after Axios’s Kia Kokalitcheva disclosed that OpenSea was in talks with Dharma. Although the terms of the deal were not revealed, sources close to the firm said that the deal was within Axios’s estimated $110 million to $130 million range.

Dharma’s Nadav Hollander will be taking over from Alex Atallah as the new CTO, with the latter moving into a new role of overseeing the company’s web 3 and NFT ecosystem development.

Hollander (NASDAQ:), a former Google software engineer and Coinbase (NASDAQ.) commenting on Hollander’s new position, said:

NFTs were a huge hit in 2021. OpenSea saw a rapid increase of almost 1000x within a matter of hours. This is a historic chance to create a product that will be truly revolutionary. OpenSea tech must be scaled to deliver the reliability, performance and uptime standards its users demand and deserve.

According to the announcement, OpenSea will be channeling its efforts into four core areas in 2022 – product development, team growth, NFT and web 3 investments, and improving its trust, safety, and reliability efforts.

OpenSea co-founder Devin Finzer noted that the new CTO’s role will be “wide-reaching.” But for a start, he has been tasked with two primary responsibilities, which are to improve “the technical reliability and uptime” of OpenSea’s products and to build “web3-native mechanisms for engaging with and rewarding” early community members.

OpenSea’s supposed plan to reward its users does not come as a surprise. When Brian Roberts (NFT Platform’s Chief Financial Officer) told Bloomberg in December that the company would be going public, he faced much criticism. Later, he retracted some of his comments. He claimed they were not true to context.

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