A marketplace for non-fungible tokens (NFTs) OpenSea acquired aggregator Gem as part of its efforts to back the pro community.
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Launched in January 2022, Gem allows users to buy digital collectibles across multiple in one place at low cost transaction fees. The deal it expected to provide Gem with resources to "accelerate their product vision and roadmap," OpenSea said in a blog post.
"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," the company added.
While the purchase price remains undisclosed, OpenSea says that Gem will continue operating independently as a "stand-alone product and brand." Later, the NFT marketplace is planning to bring key Gem features to its platform to make buying NFTs "seamless and delightful for every experience level."
The acquisition comes a few weeks after Gem removed Josh Thompson, a core developer at the company, from its team over allegations he had engaged in sexual harassment, rape and the grooming of minors, according to BuzzFeed News. OpenSea stressed that during the course of its diligence, the company 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."
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