Cryptocurrency continues to become more popular, and many people wonder if OpenSea could become the Amazon of the cryptocurrency world. Amazon is synonymous with online retail, and OpenSea could become just as popular with NFTs.
Non-fungible tokens have grown exponentially during the past few years, and OpenSea has positioned itself as the most popular marketplace for those looking to buy and sell NFTs. Recently, OpenSea purchased Gem, one of the most popular marketplace aggregators. This represents a significant acquisition for OpenSea, as it looks to expand its foothold in the marketplace.
Demand for NFTs Is Rising Quickly
With the demand for NFTs rising quickly, there is lots of capital flowing into OpenSea, giving it the resources it needs to expand its products and services. On aggregator platforms, such as Gem, users can purchase tokens from multiple collections at once, meaning that they can save money on “gas” fees. According to statistics that have been published, OpenSea collects an average of $500 in gas fees on every transaction, with a fee of $100 being cheap.
Because OpenSea has purchased Gem, it now has more options for its users, positioning this platform as the go-to source for all NFTs.
Gem Will Continue To Operate on its Own
Even though OpenSea has purchased Gem, early reports indicate that Gem will continue to operate independently. Some professional traders carry out a high volume of trades and might find the Gem option more cost-effective. Ultimately, OpenSea states that its goal is to bring out the best features and both platforms, but what will happen remains to be seen. This latest acquisition is just a sign that the industry continues to grow and develop.
Looking to the Future of NFT Trades
Ultimately, the latest acquisition is just a sign that there is still a lot of capital flowing into the world of NFTs. As the NFT marketplace continues to grow and develop, OpenSea will continue to position itself as the go-to spot for NFT traders. While many professionals are looking for ways to save money on “gas” fees, the reality is that as long as NFTs continue to grow in value, most traders are going to feel comfortable paying gas fees. The future of the marketplace will dictate how people think about platforms such as Gem and OpenSea.