OpenSea Acquires Gem, an NFT Marketplace Aggregator

OpenSea Acquires Gem, an NFT Marketplace Aggregator

Early this morning OpenSea announced they acquired popular NFT marketplace aggregator, Gem.

The move aims to bring a better "pro" experience to OpenSea's users, leveraging the existing feature stack currently deployed at gem.xyz

Gem has blossomed as an NFT marketplace aggregator, allowing users to "sweep floors," and purchase multiple NFTs from multiple marketplaces all in one transaction. 

The acquisition, at least at present time, won't change the way NFT market participants interact with Gem. 

"After the acquisition, Gem will continue operating independently from OpenSea as a stand-alone product and brand," said OpenSea CEO Devin Finzer in the company's official press release

Though financial details were not disclosed, the acquisition is poised to help Gem execute on roadmap items more quickly, while also bringing some of its existing features to OpenSea. 

The news comes as a surprise to many in the NFT ecosystem, particularly as it is counter to Gem's previous statements. In a Jan. 19 blog, Gem indicated its preference for a “decentralized and open future for the internet of value and goods.”

That decentralized and open future, which many believed carried a native $GEM token, has now likely been thwarted. While some Twitter users expressed displeasure at the likelihood that there is no token coming, the CEO of competing marketplace aggregator Genie tweeted "$GENIE," alluding to a future token. 

Editor's Note: Bad actors are using the previous tweet as an opportunity to lure unsuspecting users into purchasing or interacting with fake $GENIE tokens. There is no official $GENIE token. Learn more about potential developments with Genie in the project's Discord. 

This story is developing and Lucky Trader will update it as more news comes in! 

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice.

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