The NFT hype continues to rocket along as NFT marketplace leader OpenSea clocks in a new all-time-high in monthly Ethereum trading volume at USD $3.5 billion this month with more than one-and-a-half weeks remaining. This new record notches last months volume of $3.24 billion and the previous high set on August 2021 with $3.42 billion.
OpenSea acquires Dharma Labs
OpenSea confirmed its acquisition of Dharma Labs on Tuesday, January 18, 2022 for an undisclosed amount. The deal also welcomes Co-Founder and CEO of Dharma Labs, Nadav Hollander, to OpenSea as their new Chief Technology Officer. The significance of the acquisition is to improve reliability of the OpenSea marketplace and to broaden its reach by utilizing Dharma's user interface know-how. Dharma's app which will be decommissioned by February 19th and will be integrated with the OpenSea platform. Dharma enables users to seamlessly swap tokens from their debit card which will boost OpenSea's reach to users who are sceptical dealing with cryptocurrencies but want to own non-fungible tokens.
Coinbase partners with Mastercard
Crypto exchange giant Coinbase seems to be following the same direction as OpenSea as Coinbase partners with Mastercard to integrate and simplify the buying process on their upcoming NFT platform.
"Our mission at Coinbase is to increase economic freedom in the world. By enabling more people to join the creator economy and profit from their work, NFTs (Non-Fungible Tokens) have an important role to play in this mission."
Coinbase's partnership with Mastercard aims to classify NFTs as "digital goods", opening the doors to a broader group of consumers to purchase NFTs. Users would be able to purchase with a medium and brand almost everyone is familiar with, simplifying the user experience and allowing more people to join the NFTs community. Everyone can own a non-fungible token with Coinbase's NFT platform without having to deal with the complexities of cryptocurrencies and blockchains.
NFTs and cryptocurrencies go hand-in-hand with one another. The growing interest in non-fungible tokens have pushed NFT marketplaces to onboard new users who want in on the action but may still shy away from crypto. Creating a fiat on-ramp to those interested in NFTs will help drive crypto adoption in the long run. Users gain exposure by experiencing first-hand the technology behind blockchains and cryptocurrencies.
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