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, making it easier to buy NFTs at the lower end of the price spectrum 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 claims that the acquisition of Gem will help it to “learn from Gem’s expertise and intuition about the advanced NFT community.”
Although Gem remarked that the acquisition offer was “unexpected,” they said that the integration gives them access to OpenSea’s infrastructure and resources to accelerate its growth. Following the deal, Gem will continue to operate as a standalone brand.
On the Flipside
- The deal was finalized shortly after Gem ousted its co-founder for sexual misconduct. In response, OpenSea stated that 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.