Dharma + OpenSea = <3

Dharma has been acquired by OpenSea

Dharma’s mission has always been to make crypto easier to use and more mainstream-friendly, which is why we built some of the most beloved experiences for onboarding fiat into the world of DeFi and Ethereum.

Over the course of 2021, NFTs became the “tip of the spear” on cultural adoption for crypto, with dozens of collections and tens of thousands of unique goods gaining mainstream cultural recognition. In 2022 and beyond, we're excited to turn our attention towards the focal point of crypto's mainstream adoption: NFTs.

To that end, we are excited to announce that OpenSea has acquired Dharma Labs.

We will be bringing our knowledge, expertise, and technology to OpenSea in order to power a mainstream-friendly way to buy, sell, and mint NFTs. Together, we will push forward the NFT industry.

As part of the acquisition, Dharma’s co-founders, Nadav and Brendan, will be stepping into leadership roles at OpenSea. Nadav will be OpenSea’s Chief Technology Officer, with an initial mandate to improve the technical reliability and uptime of OpenSea’s products, and to build web3-native mechanisms for engaging with and rewarding OpenSea’s early and loyal community. Brendan will be OpenSea’s Head of Strategy, injecting a web3-native perspective into product, business, community, and marketing.

What’s Happening to the Dharma App?

Over the past 2 years, Dharma has made it easy to onboard yourself to DeFi. Our eventual goal is to integrate key components of Dharma’s infrastructure into OpenSea's products in order to make it easy for anyone to buy, sell, or mint an NFT — whether you're a beginner or a pro.

However, while we believe that mobile wallets may very well play a key role in OpenSea's future, we do not want to shoehorn Dharma's current form-factor into OpenSea's product suite; jamming square pegs in round holes is not in our users' best interests.

As such, Dharma will be sunsetting the Dharma wallet app over the next 30 days. We have put enormous effort into building an experience that makes it easy for users to remove their funds from the Dharma wallet during this time — the vast majority of users will not have to pay a cent in fees in order to empty their wallet. If you are a Dharma user, we ask that you withdraw or sell your funds from your Dharma Smart Wallet before 18 February 2022.

For the next 30 days:

  • All transfers out of the wallet will be:
    • Free on Ethereum if they are of size >$100*
    • Free on Polygon regardless of size
  • All sales to bank account will be:
    • Free on Ethereum if they are of size >$100*
    • Free on Polygon regardless of size
  • Swaps & purchases of crypto will be disabled

We have staffed up our support team in advance of the sunset period in order to make sure all of our users have the help they need to get off-boarded from the product. If you have a significant amount of funds in the application, we’ll be reaching out to you personally to help you out

Additionally, at the conclusion of the 30 day sunset period, the Dharma team will renounce any remaining control of the Dharma Smart Wallet.  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 in which users will have to pay their own gas fees — we strongly encourage our users to take advantage of the off-boarding experience we've built in the app and empty their wallet at no cost in the next 30 days. The intention is for this DApp to be a “fallback” for those who don’t empty their wallets in time — not a recommended way to access the wallet.

In the coming weeks, we will be sharing technical details on how users will retain non-custodial access to their remaining funds in the Dharma Smart Wallet after the sunset. If you’re interested in learning more prior to then, feel free to pop into our Discord and we can fill you in on the specifics!

To all Dharma users, past and present — thank you for your support, your feedback, and your enthusiasm. It’s been a pleasure to build for you.

If you have any questions, check out our FAQ or join our Discord to chat with us.

Read the announcement from OpenSea:

*This threshold may be adjusted throughout the course of the sunset period if gas prices spike to unexpected levels.

Subscribe to Dharma
Receive the latest updates directly to your inbox.
This entry has been permanently stored onchain and signed by its creator.
Author Address
Content Digest