NFT marketplace OpenSea on Tuesday said it had bought Dharma Labs, a digital wallet for cryptocurrencies, for an undisclosed amount, and said Dharma's chief executive officer would become OpenSea's chief technology officer.
NFTs, or non-fungible tokens, are a type of digital asset which exist on the record-keeping technology blockchain. They have exploded in popularity over the last year, with people buying artworks and video highlights from sports games as NFTs. OpenSea declined to share the financial terms of the deal. Axios, which reported the talks, said Dharma Labs has raised about $15 million in funding. Research firm Crunchbase's data said it has raised $7.1 million.
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