The largest NFT marketplace, OpenSea has acquired NFT aggregator Gem.xyz in what the company called to ‘better serve’ its more experienced users.
Unfortunately, the terms and conditions of the transaction were not disclosed. the company will now have access to OpenSea’s infrastructure and resources to accelerate its growth.
According to OpenSea, Gem will continue to operate as an independent and standalone product and brand. At some stage, OpenSea plans to integrate some of Gem’s features with its own platform.
How does Gem.xyz work?
Gem’s product allows users to buy NFTs across multiple marketplaces in a single transaction, pay with any ERC-20 token rather than spending their ETH and view analytics such as sales volume, floor prices and rarity-based ranking for NFT collections. As an aggregator, the company claims its product saves users up to 40% on gas fees compared to using an NFT marketplace like OpenSea directly.
OpenSea’s move to buy the company comes after its co-founder and shareholder Josh Thompson was ousted for sexual misconduct allegations as reported by BuzzFeed News.
In a blog post OpenSea wrote, “During the course of our diligence, we learned about, and immediately surfaced, some deeply concerning allegations against a now-former member of Gem’s leadership team who operated under the pseudonym Neso.”
“Upon investigating the allegations, the employee was immediately exited before the close of this deal. This individual has never and will never be affiliated with OpenSea.”