Jan 4, 2022 - Economy

Scoop: NFT marketplace OpenSea in talks to buy Dharma Labs

Animated illustration of an ornate frame with falling dollar signs

Illustration: Eniola Odetunde/Axios

NFT marketplace OpenSea is in talks to acquire Dharma Labs, a digital wallet for cryptocurrencies, Axios has learned from multiple sources.

Why it matters: NFTs have exploded in popularity, as everyone from global consumer brands to indie artists have rushed to sell digital collectibles, and user-friendly crypto wallets are critical to the industry's future growth.

Details: Deal terms are still being hammered out, with current talk of an all-stock deal valued at between $110 million and $130 million.

  • Founded in 2017, Dharma Labs initially built a protocol for cryptocurrency lending and participated in Y Combinator's program that same year.
  • It has raised about $15 million from investors like Green Visor Capital and Coinbase Ventures.
  • OpenSea is finalizing a new round of funding at a $13 billion valuation, as first reported by Eric Newcomer and confirmed by Axios. It last raised money in July 2021 at a $1.5 billion valuation, led by Andreessen Horowitz.

Neither OpenSea nor Dharma Labs agreed to comment for this story.

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