OpenSea acquires the NFT Service Gem, the most popular service for NFT bulk purchases

Updated: Apr 26

OpenSea, a leading non-fungible (NFT) marketplace, has purchased a company nicknamed Gem for an undisclosed sum.

OpenSea NFT

The change, according to the official release, is aimed at increasing OpenSea's capabilities and addressing the demands of experienced pro users as the NFT community grows.

Gem is said to be the most popular tool for "sweeping the floor," a term used in the NFT industry to describe bulk or bundle purchases of floor-priced NFTs. The firm, which was recently acquired by OpenSea, also offers statistics and rarity rankings for collections.

Gem also offers collectors a one-stop shop for purchasing NFTs from a variety of sources.

In terms of what the partnership means for Gem, Devin Finzer, co-founder and CEO of OpenSea, said the marketplace would be able to onboard industry-leading specialists and increase the services accessible to customers.

Finzer also stated that Gem will be given resources to continue expanding their infrastructure and vision in accordance with their roadmap.

Concerns over claims leveled against a former key Gem team member were addressed by Finzer, who stated that the man has never been and will never be a part of OpenSea.

Users were comforted by the CEO, who stated,

“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."

In addition, they said that they place equal value on the people we’re forging partnerships with, as much as the product and its users.