OpenSea today announced that it had acquired Gem to strengthen its NFT marketplace. The news was made public by Devin Finzer, OpenSea CEO. The largest NFT marketplace also stated that this acquisition was made to enhance the user experience.
OpenSea buys Gem to improve the experience on its NFT marketplace
The news, announced through a short OpenSea Twitter thread, made a huge splash early on Monday morning. Gem is a popular NFT marketplace and aggregator. It allows you to buy NFTs from multiple marketplaces in one, low-cost transaction. Gem also offers NFT collection rarity-based ranking.
These tools make Gem a favorite choice for NFT traders. This is especially useful for traders who want to reduce the collection’s floor price. These tools were a welcome addition to OpenSea’s NFT marketplace. Many of the Gem features are items that NFT traders have requested OpenSea add.
Significantly, OpenSea has stated that Gem will continue to operate as its own company. At least, for now. OpenSea will eventually look to add more Gem features to its NFT marketplace.
Why many people are unhappy about OpenSea’s latest move
Evidently, OpenSea hoped that the Gem acquisition and its effect on the NFT marketplace would excite its users. The reaction on Twitter to the news was not good, but it was predictable. After all, OpenSea doesn’t exactly have the highest approval rating among the NFT community at the moment.
To put it mildly, OpenSea faces an ocean of criticism with just about every move it makes these days. While it is sometimes harsh, the criticisms are not without merit. OpenSea has experienced many incidents that have damaged its users’ faith.
Most notably there’s the listing exploit of its platform which saw users losing high-value NFTs for weeks. Beyond that, there are the general criticisms of OpenSea’s customer service (or lack thereof), as well as a lack of transparency around some of its policies.
To sum up, people replying to OpenSea’s announcement were skeptical about the future of Gem. A large number of people are asking how OpenSea can improve the services Gem offers. OpenSea still has many issues that need to be fixed, according to their opinions.
Another important point is that Gem enabled people to purchase NFTs from different marketplaces in one transaction. If these features were only available to OpenSea, this would be a significant advantage. Thus, people fear that such a move could extend the gap between OpenSea and other platforms.
OpenSea could make Gem’s features available only to its platform, which is a valid concern. It will be a while before people realize that their concerns are true. The new features will hopefully boost OpenSea, but not change the Gem service that people love.
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