OpenSea Acquires Major NFT Aggregator Gem

NFT marketplace giant OpenSea has acquired Gem, a leading NFT aggregator, in order to offer better services for pro users.

• OpenSea announced the news of the acquisition via a blog post on Monday (April 25, 2022). According to the NFT marketplace, the purchase will enable Gem to get resources that would better facilitate the platform’s vision and road map.
• While the announcement does not mention financial details regarding the acquisition, OpenSea said Gem will continue to operate as a standalone brand.
• Gem allows users to view various NFT prices across different marketplaces such as OpenSea, Rarible, and LooksRare. Also, users can make multiple NFT purchases with low gas fees.
• Meanwhile, OpenSea mentioned that the company carried out due diligence before the Gem acquisition deal. According to the blog post, the NFT marketplace giant said it uncovered:

“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.”

• OpenSea has also had to deal with some controversy in the past concerning one of its employees. In September 2021, the platform’s Head of Product Nate Chastain was accused of insider trading.
• Chastain left OpenSea shortly after, with the company stating that it accepted a resignation from one of its employees.