OpenSea, the world’s largest marketplace for non-fungible tokens (NFTs), has announced the acquisition of NFT aggregator Gem.xyz (Gem) to invest in improving its “Pro” experience.
Gem.xyz is an NFT aggregator that allows users to buy and sell NFTs across multiple marketplaces and makes it easier to buy an NFT at the lower price end of the collection.
OpenSea to Invest in ‘Pro’ Experience
OpenSea announced via a blog post that it had acquired the NFT aggregator to “better serve” its more experienced users. The acquisition comes months after OpenSea bought DeFi wallet startup Dharma Labs.
According to the post, OpenSea said that the acquisition of Gem will help it “learn from Gem’s expertise and intuition about the advanced NFT community.”
Although Gem said the acquisition offer was “unexpected,” it says that the acquisition gives it access to OpenSea’s infrastructure and resources to accelerate its growth. Gem will continue to operate as a standalone brand.
On The Flipside
- The deal was completed after Gem ousted its co-founder for sexual misconduct. OpenSea says the individual “has never and will never be affiliated with OpenSea.”
Why You Should Care
As an aggregator, Gem.xyz reportedly helps users save up to 40% on gas fees compared to directly using an NFT marketplace like OpenSea.
