OpenSea acquires Gem


written By Devin Finzer/co-founder and CEO of OpenSea on April 25.2022

At OpenSea, our mission is to bring the power and potential of NFTs to more people around the world. 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.
To invest in the future of the pro community, OpenSea has acquired Gem, the leading NFT marketplace aggregator. 

Gem has built an amazing product with the leading feature set for pro users, growing seemingly overnight in community engagement and enthusiasm. Gem lets you buy NFTs across multiple marketplaces with a single, low-cost transaction, and is known for its easy collection floor-sweeping, and rarity-based ranking for collections. The acquisition will provide Gem with resources to accelerate its product vision and roadmap. It will also allow us to learn from Gem’s expertise and intuition about the advanced NFT community – and bring the best of Gem’s features to OpenSea. 

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.

We’re excited to invest in Gem’s roadmap, and ultimately welcome more people into the world of NFTs. That said, it’s important for our community to know that when we consider a big decision like the one we’re announcing today, we evaluate all aspects of it thoroughly. We place equal value on the people we’re forging partnerships with, as much as on the product and its users. 

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.

We can’t wait to learn from and build with the team at Gem – and ultimately make buying, minting and selling NFTs better for every level of experience. If you’re interested in helping to build the leading marketplace for NFTs, join us!

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