OpenSea buys NFT aggregator Gem
Gem, an NFT aggregator, has been bought by OpenSea. Gem will remain a stand-alone company.
The Block has heard that OpenSea has bought NFT aggregator service Gem. In an email issued to Gem investors and reviewed by The Block, the news of the purchase was announced.
With Gem, you can purchase and sell NFTs on a variety of different markets, making it much simpler to clean out a collection (that is buy a range of the lower end of the collection). To maintain its current brand identity, Gem will continue to operate independently.
Gem stated that the acquisition offer was “unexpected,” but that it would help the company grow faster in the future. Additionally, OpenSea’s infrastructure, resources, and distribution channels will be made available to Gem.
As for OpenSea, the company said in a blog post that it hopes to “benefit from Gem’s experience and intuition regarding the advanced NFT community.”
Due diligence revealed allegations against a former member of Gem’s leadership team going by the pseudonym Neso during the acquisition process, according to OpenSea. After an investigation, they quit the firm before the sale was finalised. A statement from OpenSea said, “This person has never and will never be linked with OpenSea.”