OpenSea buys Ethereum NFT aggregator Gem

OpenSea buys Ethereum NFT aggregator Gem

Leading NFT marketplace OpenSea has acquired Gem, an Ethereum NFT marketplace aggregator that allows users to batch-buy digital collectibles from multiple platforms.

OpenSea announced the move in an official release this morning, noting that the purchase is geared towards serving more advanced NFT buyers. CEO and co-founder Devin Finzer said:

As the NFT community grows, we’ve recognized a need to better serve more experienced, ‘pro’ users, and offer more flexibility and choice to people at every level of experience.

As per the announcement, Gem will continue to operate as a stand-alone brand, developing its own features and functionality. Some of these features will, however, be introduced to OpenSea’s platform in the future.

In an email sent to investors, Gem reportedly claimed that the acquisition offer, although “unexpected,” would help accelerate its next stage of growth. Particularly, the NFT aggregator will gain access to OpenSea’s resources, infrastructure, and distribution channels.

Meanwhile, Finzer acknowledged the allegations against a now-former member of Gem’s leadership team. The pseudonym co-founder called Neso is the same person as Josh Thompson, who was accused of rape and sexual harassment in 2020 before eventually creating a new profile on the internet.

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.

OpenSea has continued to expand the frontiers of its operations. Early this month, the company officially enabled support for Solana NFTs.

Subscribe to BTC Peers

Don’t miss out on the latest issues. Sign up now to get access to the library of members-only issues.