OpenSea Acquires Gem to Invest in the Future of ‘Pro’ Community

Key Takeaways:

  • The new acquisition is expected to help boost the future of the pro community.
  • Gem’s product vision and roadmap to be accelerated with this new acquisition.
  • The acquisition won’t be hindering Gem from operating as a stand-alone product and brand.

OpenSea, touted as the largest Marketplace for NFTs, has acquired Gem, the leading NFT marketplace aggregator. OpenSea believes this new acquisition will help them invest more in building the future of the pro community.

“At OpenSea, our mission is to bring the power and potential of NFTs to more people around the world. 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”, OpenSea blog announcing the acquisition read.

 The NFT-related services that Gem offers vary from analytics tools to rarity rankings, to bundled purchasing and many more. Gem has earned a reputation for itself through their stellar community engagement and enthusiasm and by building a product with leading features set for pro users. Gem is a platform that allows users to buy NFTs across multiple marketplaces with a single, low-cost transaction.

 The NFT marketplace aggregator 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 to learn from Gem’s expertise and intuition about the advanced NFT community – and bring the best of Gem’s features to OpenSea”, said OpenSea in the blog published on its website.

After the acquisition deal gets finalized, Gem will, however, continue to operate 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,” said OpenSea

OpenSea is excited about investing in Gem’s roadmap and ultimately welcoming more people into the world of NFTs. “We can’t wait to learn from and build with the team at Gem – and ultimately make buying, minting, and selling NFTs better for every level of experience,” said OpenSea in its blog

 The company was also keen on making its users understand that they place equal value on the people they are building partnerships with, as much as the product and its users.

On April 16, Gem’s pseudonymous core developers “Neso” was fired from the team for a disturbing history of sexual assault allegations. OpenSea, in its blog, pointed out that this individual (a now-former member of Gem’s leadership team) who operated under the pseudonym Neso never has and will never be affiliated with OpenSea in any manner.

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Saniya Raahath

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