{"id":212190,"date":"2022-01-19T10:30:44","date_gmt":"2022-01-19T10:30:44","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=212190"},"modified":"2022-03-22T22:29:31","modified_gmt":"2022-03-22T22:29:31","slug":"opensea-acquires-defi-onramp-wallet-dharma-labs","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/opensea-acquires-defi-onramp-wallet-dharma-labs\/","title":{"rendered":"OpenSea acquires DeFi onramp wallet Dharma Labs"},"content":{"rendered":"<p>OpenSea, the leading NFT marketplace, is acquiring Dharma Labs, developers of a smart contract wallet that, for U.S. citizens, doubles as a mobile fiat onramp to decentralized finance, DeFi services through integrations with traditional bank accounts.<\/p>\n<p>According to an OpenSea blog post <a href=\"https:\/\/opensea.io\/blog\/announcements\/opensea-acquires-dharma-labs-welcomes-new-cto\/\">announcing<\/a> the acquisition, OpenSea\u2019s interest in Dharma Labs comes from Dharma\u2019s \u201cexperiences for seamlessly onboarding fiat currency to blockchains.\u201d Dharma Labs brings to the table experience in developing a popular mobile app that functions as a user-friendly onramp to crypto and DeFi. <a href=\"https:\/\/cryptoslate.com\/openseas-up-for-competition-vampire-looksrare-sucking-trading-volume\/\">OpenSea<\/a>, on the other hand, is mainly a desktop experience in need of a mobile app.<\/p>\n<h2>NFT space in need of better UX<\/h2>\n<p>In a similar blog post <a href=\"https:\/\/dharma.mirror.xyz\/AiAKDL49ChgZmx-D-o_YmP-9zVDl2nqsD4uOwTcXBnI\">announcement<\/a>, Dharma Labs explains the value Dharma brings to OpenSea.<\/p>\n<blockquote><p>\u201cOver the past 2 years, Dharma has built some of the most seamless experiences for converting fiat to crypto, making it easy for anyone in the US to go from dollars to DeFi. We'll be bringing this expertise to OpenSea in order to power a mainstream-friendly way to buy, sell, and mint NFTs.\u201d<\/p><\/blockquote>\n<p>\u201cNFTs are the focal point of crypto\u2019s entrance into mainstream culture; making buying NFTs as easy as possible on OpenSea will be a force multiplier on this trend. Our objective is to improve the experience of buying, selling, or minting an NFT on OpenSea for all users,\u201d the post reads.<\/p>\n<p>In a <a href=\"https:\/\/twitter.com\/brendan_dharma\/status\/1483488315865124865\">tweet<\/a> thread by Dharma Labs COO <a href=\"https:\/\/twitter.com\/brendan_dharma\">Brendan Forster<\/a>, who will join the OpenSea team as Head of Strategy, explains that Dharma Labs basically pivots from traditional crypto and <a href=\"https:\/\/cryptoslate.com\/defi\/\">DeFi<\/a> to the new \u201ctip of the spear\u201d of NFTs, and in that process chooses to shut down the popular Dharma app.<\/p>\n<blockquote><p>\u201cWe chose to accept OpenSea\u2019s offer because our mission has always been to accelerate mainstream adoption of cryptocurrency and <a href=\"https:\/\/cryptoslate.com\/web3-will-break-the-y-combinator-business-model-and-blockzero-labs-is-betting-big-on-it\/\">web3<\/a>, and it has become clear that NFTs are the \u201ctip of the spear\u201d in terms of mainstream interest in crypto. Over the course of 2021, this trend emerged and accelerated, and it is now obvious that NFTs are the crypto use-case that most resonates with the mainstream,\u201d Forster tweets.<\/p><\/blockquote>\n<h2>\u201cBuying NFTs is still really hard\u201d<\/h2>\n<p>However <a href=\"https:\/\/cryptoslate.com\/nfts\/\">NFTs<\/a> may for many beginners act as the \u201cgateway drug\u201d into crypto, the user experience in the NFT space has much to improve on, according to Brendan Forster.<\/p>\n<blockquote><p>\u201cLet\u2019s face it, unless you\u2019re a crypto-nerd, buying NFTs is still <i>really hard<\/i> [Forster\u2019s emphasis]. Buy ETH with USD, wait 5 days, download MetaMask chrome extension, backup a \u201cseed phrase\u201d, figure out transaction submission and nonces, convert ETH to WETH, approve-then-submit, etc. etc. These aren\u2019t insurmountable barriers to the motivated buyer, but cumulatively they create enormous friction for a newcomer,\u201d Forster tweets.<\/p><\/blockquote>\n<p>To Brendan Forster, the reason behind Dharma Labs joining forces with OpenSea is pretty clear, but he also dismisses any ideas that OpenSea will integrate the Dharma app.<\/p>\n<blockquote><p>\u201cBecause NFTs are a massive opportunity for crypto, and we saw an opportunity to further our mission by working at OpenSea, the market leader for buying, selling, and enjoying NFTs. While Dharma has a ton of expertise, infrastructure, and knowledge that will complement OpenSea\u2019s product and org, the Dharma application isn\u2019t a perfect fit for what OpenSea needs today,\u201d Brendan tweets.<\/p><\/blockquote>\n<h2>Dharma shuts down the mobile app<\/h2>\n<p>Because of this, the Dharma team has decided to \u201cwind down\u201d the Dharma mobile app. The winding down will take place during a 30-day \u201csunset period,\u201d under which users are offered to transfer all remaining funds for free, including network fees.<\/p>\n<p>As per Dharma\u2019s blog post, users who have not completed off-boarding will still be able to access funds in their wallet through an open-source DApp that will be permanently hosted through IPFS in a wholly non-custodial experience. However, accessing funds through the DApp will be a relatively technical experience, and users will have to pay their own gas fees.<\/p>\n<p>The Dharma team will renounce any remaining control of the Dharma Smart Wallet, and all swaps and purchases of crypto will be disabled.<\/p>\n<p>With the acquisition, as announced by OpenSea, Dharma Labs co-founder and CEO Nadav Hollander will join the OpenSea team as their new Chief Technology Officer CTO.<\/p>\n<blockquote><p>\u201cNadav is a seasoned leader from the early Ethereum community, having built, launched, and evangelized some of the most influential protocols and products in the DeFi space. He brings fresh crypto-native expertise to OpenSea\u2019s leadership, having spent his career building systems that adeptly mask the complexities of smart contracts and blockchains for use by mainstream consumers.\u201d<\/p><\/blockquote>\n<p>\u201cNadav\u2019s impact will be wide-reaching, but his initial mandate will be two core priorities: improving the technical reliability and uptime of our products, and building web3-native mechanisms for engaging with and rewarding our early and loyal community.\u00a0 We\u2019re thrilled to bring his deep crypto expertise into the OpenSea leadership team,\u201d OpenSea\u2019s blog post reads.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OpenSea, the leading NFT marketplace, is acquiring Dharma Labs, developers of a smart contract wallet that, for U.S. citizens, doubles as a mobile fiat onramp to decentralized finance, DeFi services through integrations with traditional bank accounts. According to an OpenSea blog post announcing the acquisition, OpenSea\u2019s interest in Dharma Labs comes from Dharma\u2019s \u201cexperiences for [&hellip;]<\/p>\n","protected":false},"author":962,"featured_media":212226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76232,5789,77252],"tags":[75597,77278,76956,76704],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OpenSea acquires DeFi onramp wallet Dharma Labs<\/title>\n<meta name=\"description\" content=\"Leading NFT marketplace OpenSea acquires onramp wallet developers Dharma Labs. The Dharma DeFi app will be discontinued over a 30 day \u201csunset\u201d period.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/opensea-acquires-defi-onramp-wallet-dharma-labs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OpenSea acquires DeFi onramp wallet Dharma Labs\" \/>\n<meta property=\"og:description\" content=\"Leading NFT marketplace OpenSea acquires onramp wallet developers Dharma Labs. The Dharma DeFi app will be discontinued over a 30 day \u201csunset\u201d period.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/opensea-acquires-defi-onramp-wallet-dharma-labs\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-19T10:30:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-22T22:29:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/01\/opensea-dharma-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Laszlo Dobos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Laszlo Dobos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/opensea-acquires-defi-onramp-wallet-dharma-labs\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/opensea-acquires-defi-onramp-wallet-dharma-labs\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/#person\",\"name\":\"Laszlo Dobos\",\"url\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/12\/lars-dobos-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/12\/lars-dobos-author-300x300.jpg\",\"caption\":\"Laszlo Dobos\"},\"jobTitle\":\"Reporter\",\"description\":\"Educated in computer engineering, Laszlo began developing an interest for crypto and blockchain technology back in 2013. 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