Knowledge

Why OpenSea Acquired Gem.xyz: The Best NFT Aggregator Explained

OpenSea acquired Gem.xyz, a popular NFT aggregator, to eliminate potential competition and address the community’s requests for features that OpenSea had ignored.

Why Did OpenSea Acquire The Best NFT Aggregator Gem.xyz?

The acquisition of Gem by OpenSea has followed a traditional path: when a rival appears, even if it isn’t currently a threat, the dominant company will immediately acquire/merge it to eliminate the threat.

The shopping cart, rarity, flash bot, and whales purchase notification are among the key features of Gem.xyz. These features keep Gem’s users up to date on the most widespread NFT market trends without being charged any fees, allowing them to have the opportunities to make profits during critical periods.

Many of these features have long been requested by the community, but the major NFT marketplace OpenSea has repeatedly ignored their requests. And as a result, Gem covers these gaps excellently.

Gem.xyz’s NFT data is fantastic as an aggregate. Gem has gathered approximately 246,000 ETH in trade volume since its debut in mid-December last year, more than twice as much as Genie, which began much earlier.

The main reason Gem.xyz has been able to grow so quickly is that it aggregates more mainstream NFT markets than Genie. Moreover, Genie had been inactive for a long period before integrating LooksRare in early April this year. Gem also has a leg up on Genie by combining Dune Analytics’ analytical data dial with its own anti-pinch bots.

Source: Dunes Analytics

Gem has effortlessly attracted users and secured a considerable market share, particularly among whales, because of its useful features. Gem, rather than LooksRare, may pose a significant threat to OpenSea. The current ratio of NFT purchases made through the aggregator Gem to direct NFT market purchases is 10:90. Despite the fact that OpenSea receives a large portion of the revenue, Gem diverts customers away from it, which the leading NFT marketplace absolutely does not want.

Source: Dune Analytics

“After the acquisition, Gem will continue operating independently from OpenSea as a stand-alone product and brand. The Gem you know and love won’t change; and over time, we’ll bring key Gem features to OpenSea to make buying NFTs seamless and delightful for every experience level,” OpenSea wrote in the acquisition announcement.

Join CoinCu Channel to keep track of news: 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Victor

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

1 hour ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

3 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

4 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

5 hours ago

This website uses cookies.