OpenSea formally announced its decision to acquire NFT marketplace aggregator GEM.xyz. The powerful NFT aggregator was acquired for an undisclosed price. Devin Finzer, OpenSea CEO, stated that the NFT marketplace has made this move to improve the NFT collecting experience for their more professional users. These power traders buy NFTs in bulk, allowing collectors to package a bundle of NFTs and save on gas during multiple transactions.
“As the NFT community grows, we’ve recognized a need to better serve more experienced, ‘pro’ users, and offer more flexibility and choice to people at every level of experience. To invest in the future of the pro community, OpenSea has acquired Gem, the leading NFT marketplace aggregator. ”
Gem has obtained 246,000 ETH in trade volume since its debut in the NFT space in mid-December of 2021. This volume of trading is more than twice as much as Genie, a competing NFT aggregator that began much earlier.
1/ Exciting news!
To invest in the "pro" community and continue improving the OpenSea experience, we’re excited to share that we’ve acquired @gemxyz !
Read more in the official announcement blog, and below 👇https://t.co/IBn38f2d3U
— OpenSea (@opensea) April 25, 2022
OpenSea stated that the acquisition will provide Gem with resources to accelerate their plans for the product and their roadmap. It will also give OpenSea the opportunity to learn from Gem’s expertise and intuition about the advanced NFT community.
GEM.Xyz And ‘Sweeping’ Floors
The tool has one of the most impressive filtering capabilities that allows collectors to filter by rarity, price, marketplace, and any number of properties that are available in a collection. Additionally, you can package other collections into a single transaction.
OpenSea and Gem will work together closely in the future and continue to provide value for customers, however, OpenSea stated that Gem will currently continue to operate independently from OpenSea.
“After the acquisition, Gem will continue operating independently from OpenSea as a stand-alone product and brand. The Gem you know and love won’t change; and over time, we’ll bring key Gem features to OpenSea to make buying NFTs seamless and delightful for every experience level.”
GEM.xyz has gained notoriety in the NFT space as collectors and those curiously watching the wallets of NFT holders saw the momentum of projects and floors before deciding to “sweep” collections. GEM has also been complimented on how well they utilize community feedback in regards to its planned feature updates. The brand is actively working on various new integrations for its users including a watchlist, easy to approve token approval revoke buttons, viewing purchase history, and the ability to share shopping carts. In addition to this, they are currently working on a “transfer” function, a “buy now” toggle, and a mint price feature.
Updates to future enhancements and integrations can be viewed on GEM’s website.
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