Move comes amid growing competition from LooksRare and other NFT secondary marketplaces
OpenSea announced today its acquisition of the leading NFT aggregator Gem. The move comes as OpenSea jostles with LooksRare for control of the secondary marketplace.
Summary
- OpenSea acquires NFT aggregator platform Gem in deal that OpenSea CEO says ‘offers more flexibility and choice to people at every level’.
- OpenSea removed Gem’s core developer and primary shareholder Josh Thompson from the company before announcing the acquisition. Thompson is currently dealing with accusations of sexual misconduct.
- LooksRare’s progress in 2022 seems to be a cause for OpenSea’s move, as it looks to re-establish the strong position it holds over the NFT secondary marketplace space.
OpenSea wants to give its users the “pro” experience. Therefore it has acquired Gem, the leading NFT marketplace aggregator. This will allow OpenSea to give more features on the NFT market, possibly giving users…
