OpenSea acquired ETH NFT aggregator GEM whcih allows users to batch-buy NFTs from different platforms and save on fees so OpenSea plans to integrate it fully but let’s read more in today’s latest ethereum news.
Opensea acquired GEM which is an NFT marketplace aggregator service. GEM enables batch purchases on multiple marketplaces and some of the features will be integrated into OpenSea. GEm is an ETH NFT marketplace aggregator that allows collectors to buy assets in bulk on multiple platforms it was acquired by OpenSea as the top NFT marketplace by trading volume. The platform announced the move this morning with the CEO Devin Finzer writing a blog post and adding that GEM is a part of the move ahead that will serve more advanced NFT buyers.
As the NFT community grows, the platform recognized the need to better serve the more experienced users and offer flexibility but also bring more choices to people at every level of experience as Finzer wrote. Gem is a single platform that connects to various NFT marketplaces like LooksRare, OpenSea, and Rarible and also allows users to purchase assets from any of them in one transaction. This can add to sizeable savings on fees and Gem also integrated the rarity rankings for the NFT collections like traits in profile picture collections.
The NFT serves as a blockchain-backed proof of ownership for the digital items and it is often used for things like profile pictures, digital illustrations, and video game items. The overall market surged to $25 billion worth of trading volume in 2021. accoridng to Fizner, GEM will operate independently it will expand its platform with more features and then some of the functionality will be brought to OpenSea in the future.
Finzer said the acknowledged the allegations against the co-founder of Gem called NESO And said:
“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 prior to the close of this deal. This individual has never and will never be affiliated with OpenSea.”
Gem is similar to another NFT marketplace aggregator Genie which specializes in bulk buying. However, it also took the lead as of late and DAppRadar even highlighted that GEM was processing up to 10 times the numb er of transactions and total trading volume as Genie.