OpenSea, the leading NFT marketplace and is valued at over $13 billion, has acquired the popular NFT data aggregator Gem, to improve the quality of its service for pro users.
Although the finer details of the deal haven’t been disclosed, it does appear the deal has gone through and we can expect to see Gem’s services operating on the OpenSea platform in the not so distant future.
News of the acquisition was published by OpenSea via a blog post, which was published on Monday, April 25th.
What does the deal mean for OpenSea and Gem.xyz?
Gem.xyz has established itself as arguably the biggest NFT data aggregator, allowing users to make all purchases in one place. A data-heavy service, meaning experienced traders no longer need to use multiple tools to find the right information before purchasing.
The deal will streamline the service for OpenSea users, providing better resources that would better facilitate the perfect user experience. It would appear that Gem will continue to operate as a standalone brand, but with OpenSea now getting direct access to the services and the ability to develop them to benefit its current customer base.
One of the great things about the Gem service is that users would be able to line shop across all the top NFT marketplaces; OpenSea, Rarible, and LooksRare, allowing them to find the best price, taking into account things like gas fees. How the service will change now it’s entirely in the hands of OpenSea, remains to be seen.
Issues Surrounding The Deal
Although the deal seems to have gone through without any major issues, the blog post did highlight some things that came up during OpenSea’s due diligence before the Gem acquisition.
A statement from OpenSea read “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.”
This isn’t the first time OpenSea has been subject to controversy when former Head of Product Nate Chastain was accused of insider trading. He left shortly after, handing in his resignation.