Gem.xyz was an NFT marketplace aggregator, meaning it let users buy and sell NFTs across different platforms like Opensea, X2Y2, and Looksrare. It was known for offering lower gas fees – up to 39% cheaper than buying directly from specific marketplaces.
What is Gem.xyz
Here’s how it worked:
- Sweeping: A way to buy multiple NFTs at once.
- Rarity Filters: Tools to find rare NFTs easily.
- Payment Options: Users could pay with various ERC-20 tokens.
- Reward Retention: Users could still get rewards from places like $LOOKS while using Gem.
In summary, OpenSea, a big name in the NFT world, bought Gem.xyz. After the purchase, Gem.xyz was changed to OpenSea Pro and launched in April 2023. This new version continues to offer advanced features for trading NFTs.
Team of Gem.xyz
Lorens Huculak
Co-founder
Lorens studied both Information Management and Innovation and Entrepreneurship in Paris and Leuven. Before starting the gem.xyz project he used to work at Kleros and held the “Product Fellow” position. After gem.xyz got acquired by OpenSea, Lorens also got hired by OpenSea as the Co-Head of OpenSea Pro.
Gem.xyz review
Pros
Cheaper Gas Fees
Using gem.xyz can save up to 39% on gas fees compared to specific NFT marketplaces.
Token Variety
Allows payment with any ERC-20 token, offering flexibility.
Reward Retention
Users keep rewards like $LOOKS or $X2Y2 from integrated marketplaces.
Cons
Delayed Price Updates: Floor prices for NFT collections update slowly, possibly leading to missed trading opportunities.