OpenSea acquires major NFT Aggregator Gem

OpenSea, the NFT marketplace giant, has acquired Gem to provide better services for professional users.

OpenSea published the news via a blog posting 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.

OpenSea stated that Gem will continue to be a separate brand, despite the fact that financial details are not disclosed in the announcement.

Gem allows users to see NFT prices across multiple marketplaces, such as OpenSea or Rarible. You can also make multiple NFT transactions with low gas prices.

OpenSea also stated that it had done due diligence prior to the Gem acquisition. The blog post claims that the NFT marketplace giant claimed it discovered:

“some deeply concerning allegations against a now-former member of Gem’s leadership team who operated under the pseudonym Neso. The employee was dismissed immediately upon investigation of the allegations. This individual has never and will never be affiliated with OpenSea.”

OpenSea also has had to deal in the past with controversy surrounding one of its employees. In September 2021, the platform’s Head of Product Nate Chastain was accused of insider trading.

Chastain resigned from OpenSea soon after. The company stated that it had accepted a resignation form one of its employees.

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