OpenSea, a renowned NFT aggregator, has been acquired by NFT marketplace giant OpenSea in order to improve services for professional customers.
On Monday, OpenSea announced the acquisition in a blog post (April 25, 2022).
The purchase, according to the NFT marketplace, will allow Gem to obtain resources that will help the platform’s vision and road map.
Despite the lack of financial information in the release, OpenSea stated that Gem will continue to operate as a separate brand.
Gem lets customers compare NFT pricing from several marketplaces including OpenSea, Rarible, and LooksRare.
Additionally, consumers can purchase many NFTs with minimal gas costs.
Meanwhile, OpenSea stated that prior to the Gem acquisition, the business conducted due diligence. According to the NFT marketplace behemoth’s blog post, it discovered:
“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.”
In the past, OpenSea has had to deal with some controversy with one of their employees. Nate Chastain, the platform’s Head of Product, was charged with insider trading in September 2021.
Chastain left OpenSea shortly after, with the firm claiming that one of its employees had resigned.
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