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Gem Usage Introduction | A comprehensive guide to the shopping tool acquired by OpenSea!

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Gem Usage Introduction | A comprehensive guide to the shopping tool acquired by OpenSea!

OpenSea announced the acquisition of the NFT aggregator Gem on the evening of the 25th, aiming to provide OpenSea users with a better trading experience. What convenient features does this tool, dubbed by the community as the "floor sweeper," offer, and how did the community react to Gem's acquisition? Let's find out!

OpenSea Acquires Gem

"To invest in a professional community and continue to enhance the OpenSea experience, we are excited to announce that we have acquired Gem!" OpenSea dropped this bombshell yesterday.

For NFT enthusiasts, Gem has always been a convenient platform, where features like floor sweeping and cross-market trading can be easily accomplished. The acquisition of Gem by OpenSea aims to incorporate these practical features into its platform and leverage its own resources to accelerate Gem's roadmap development.

However, despite the acquisition, Gem will continue to operate as an independent brand and product, unaffected by OpenSea's business.

Will Gem Launch its Own Token?

For many supporters of Gem, the news of a potential token launch has long been anticipated. However, as one of the representatives in the blockchain industry that does not issue tokens, OpenSea's acquisition of Gem has left these early supporters disappointed, believing that the chances of Gem issuing a token will be greatly reduced.

In response to this issue, Vasa, Gem's core developer, stated on Discord, "The rewards and tokens are not beyond doubt." There was no definitive statement on whether tokens will be issued.

Introduction to Gem's Practical Features

What convenient features does Gem possess that caught OpenSea's attention? Let's find out!

1. Real-time Sweeping Notifications

Upon visiting the Gem website, you will see the "Gem Sweeps" information, which displays real-time sweeping messages on the Gem platform. Whether a user buys multiple NFTs from the same project at once or high-priced blue-chip NFTs, it will all be shown here.

2. Rarity Checking and Multi-Market Purchase Functionality

After clicking on a project of interest, you can activate the "Rarity Ranking" function in the upper left corner. At this point, each NFT will be ranked according to its rarity. For example, the blue Moonbird in the top left corner of the image is ranked 664th in terms of rarity.

Furthermore, as an NFT market aggregator, Gem offers products from multiple NFT trading markets. In the filter section, you can choose which trading markets to display, and each NFT will have an icon in the top left corner indicating which market it comes from.

3. Sweeping Functionality

This function is one of Gem's most well-known features. If you want to buy multiple NFTs from the same project at once and save on gas fees, you must know about Gem's sweeping function. After finding a project of interest, simply click the broom button to activate the sweeping mode, Sweep Mode.

In the sweeping mode, you can choose the number of NFTs to purchase or the amount of ETH to use for purchasing, and buy multiple NFTs in one go based on the sorting method. In the example below, the sorting is from low to high price, with an expected purchase quantity of 10. This mode will place the 10 lowest-priced mfer into the shopping cart for purchase, saving the user a total of $34.38 in gas fees.

Conversely, if the sorting is from high to low price, you will purchase the top 10 most expensive ones.

Note: In addition to price, rarity can also be used as a sorting method.

4. Simultaneous and Multi-Market Listing Functionality

In addition to bulk sweeping, Gem also provides the functionality to list multiple NFTs at once, helping users save on transaction fees. Furthermore, as it supports multiple NFT markets, the same NFT can be listed on different markets simultaneously.

As shown in the example below, when listing an NFT for sale, you can choose the market to list on and set different prices depending on the market. The Summary section on the right will display the friction costs incurred when listing and selling, including gas fees, royalties, and listing fees. The Total Profits at the end represent the expected profit after deducting these fees.

The above introduces some of Gem's core features, but its functionality goes beyond this. Readers who are interested are encouraged to explore and experience for themselves whether it operates more smoothly than the current mainstream market practices.

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