OpenSea Acquires NFT Aggregator Gem.xyz to Invest in ‘Pro’ Experience
DailyCoin
Published Apr 26, 2022 06:25AM ET
OpenSea Acquires NFT Aggregator Gem.xyz to Invest in ‘Pro’ Experience
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.
Continue reading on DailyCoin
Get The News You Want
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.