- OpenSea is acquiring ethereum wallet-maker Dharma Labs as part of a 2022 expansion push.
- The largest marketplace for non-fungible tokens said it's aiming to significantly add to its team this year.
- "We believe this union will be a force multiplier for NFTs and web3 adoption," the company said.
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OpenSea, the largest marketplace for non-fungible tokens, is acquiring ethereum wallet-maker Dharma Labs to help it build on a landmark 2021.
In a Tuesday blog post, OpenSea said it's in "build mode" after the market for NFTs, or digital pieces of art tied to the blockchain, boomed last year. The company said it's aiming to significantly add to its team as well as invest in the NFT and Web3 ecosystem. OpenSea's acquisition of Dharma Labs will help accomplish those goals, the company said.
"We believe this union will be a force multiplier for NFTs and web3 adoption, and help us dramatically improve the experience of buying, minting, and selling NFTs on OpenSea — whether you're a beginner, or a pro," the company said in its statement.
As part of the deal, Dharma Labs cofounder and CEO Nadav Hollander will be OpenSea's new chief technology officer. The app, which has been around for the past two years, will sunset as part of the deal to prevent "jamming square pegs in round holes" at OpenSea, Dharma Labs said in its blog post.
The announcement follows a previous Insider report that OpenSea notched a new all-time high of more than $3.5 billion in monthly ethereum-based trading volume already in January, surging past previous records in December and August last year.
In 2021, the market for NFTs had a landmark year, according to OpenSea. Overall sales of the digital collectibles swelled to more than $41 billion last year, according to one estimate from blockchain data company Chainalysis.