OpenSea Acquires ‘Gem’ NFT Aggregator Service, Aims to Serve ‘Pro Users’ With More Choices

Gem will continue operating independently from OpenSea as a stand-alone product and brand.

By Radhika Parashar | Updated: 26 April 2022 15:25 IST

OpenSea Acquires ‘Gem’ NFT Aggregator Service, Aims to Serve ‘Pro Users’ With More Choices

Photo Credit: OpenSea

OpenSea set a record by registering monthly sales of over $3.5 billion in January

Highlights

OpenSea NFT marketplace will add services from Gem into its platform
Gem will operate as a standalone brand
OpenSea will fund Gem’s future promising products and services

OpenSea NFT platform has purchased NFT aggregator platform called Gem for an undisclosed amount of money. The acquisition is in alignment with OpenSea's decision to expand services and experiences for more experienced, “pro” users. As part of the agreement between the two parties, Gem will continue operating independently from OpenSea as a stand-alone product and brand. OpenSea, on the other hand, will integrate key elements from Gem into its services aiming at a smoother and upgraded user experience.

Gem lets you buy NFTs across multiple marketplaces with a single, low-cost transaction. It is known for its easy collection floor sweeping, and rarity-based ranking for collections. The acquisition will provide Gem with resources to accelerate their product vision and roadmap. "It will also allow us bring the best of Gem's features to OpenSea,” said the NFT marketplace that reportedly touched the market valuation of over $13.3 billion (roughly Rs. 1,01,859 crore) in January.

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 :point_down:https://t.co/IBn38f2d3U
— OpenSea (@opensea) April 25, 2022

The same month, OpenSea crossed the user-mark of one million, Dune Analytics claimed to have observed.

The virtual market for digital collectibles has been reigning in the NFT selling space since its launch in December 2017. This January, it set a new record by registering monthly sales of over $3.5 billion (roughly Rs. 26,038 crore) for the first time ever.

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Meanwhile, with the likes of international celebrities, the sales of NFTs reached some $25 billion (roughly Rs. 1,84,700 crore) in 2021 as the speculative crypto asset exploded in popularity, data from market tracker DappRadar showed.

OpenSea's latest acquisition does not seem a surprising step, given that the lucrative NFT sectors are inviting newer trade-and-purchase platforms.

Earlier this month, Coinbase crypto exchange released the beta version of its NFT marketplace for testers to explore.

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The US-based platform, among world's largest crypto exchanges, will open access to its NFT marketplace for a wider userbase gradually.

Presently, Autograph and LooksRare are among other popular NFT marketplaces.

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Further reading: Cryptocurrency, NFT, OpenSea, Gem, Non Fungible Tokens

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More