open seaThe world’s largest marketplace for non-fungible tokens (NFTs), has announced the acquisition of NFT aggregator Gem.xyz (Gem) to invest in improving the “Pro” experience.
Gem.xyz is an NFT aggregator that allows users to buy and sell NFTs on multiple marketplaces and makes it easier to buy an NFT at the lower price of the collection.
OpenSea invests in ‘Pro’ experience
open sea announced via a blog post that it had bought 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 the acquisition of Gem will help it “learn from Gem’s expertise and intuition about the advanced NFT community.”
While Gem said the takeover offer was “unexpected,” it says 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 other hand
The deal came about after Gem ousted his co-founder for sexual misconduct. OpenSea says that the individual “never and never will be affiliated with OpenSea.”
Why should you be concerned?
As an aggregator, Gem.xyz reportedly helps users save up to 40% on gas costs compared to using an NFT marketplace directly like OpenSea.