What is GEM? A NFT transaction aggregator

Author: Product Association Will

 

NFT ecological pain points

01

◦ One of the main problems with purchasing NFTs is that users are limited to purchasing only one NFT at a time. To purchase NFTs for a high-quality item in bulk, users must purchase asset-by-asset and conduct separate purchase transactions.

◦ Users have to perform multiple transactions, which consumes a lot of gas and is slow. This means that others can buy your target NFTs as you buy them one by one.

◦ People should efficiently buy multiple NFTs at once, people should be able to buy multiple NFTs on multiple platforms at once, as liquidity has now started to spread to other markets such as Rarible, X2Y2, NFTX, and LooksRare.

The emergence of NFT aggregators solves this problem.

Key benefits of GEM

02

◦ GEM directly aggregates NFT pending orders on multiple platforms including OpenSea, Rarible, LooksRare, X2Y2, NFTX and NFT20. Its ultimate goal is to integrate all pending orders in the NFT market, and users no longer need to compare prices repeatedly between platforms;

◦ The user experience of NFT purchases has become closer to online shopping. With the shopping cart function, users can purchase multiple NFTs at one time;

◦ Saves money compared to buying one by one on the exchange, and buying NFTs in bulk on GEM can save up to 33% of the handling fee;

◦ GEM accepts all ERC20 tokens as payment currency, users can pay multiple currencies at one time, which greatly increases payment flexibility;

◦ GEM will provide data analysis of Dune Analytics of NFTs on the platform, and users can view key data (sales, floor prices, buying and selling activities, holding distribution, etc.) directly on the GEM platform.

GEM experience

03

The GEM interface is clean and simple, the information framework is clear, users can get started with little learning, and functions appear where they should appear. Currently, GEM is still in beta stage, and some features are still missing, such as favorites and the ability to view the transaction history of a single NFT.

◦ The biggest highlight of GEM is the purchase of NFTs in bulk, and it also intimately reminds you of the amount saved in this transaction. Although I don’t have the money to buy Azuki, it doesn’t stop me from throwing my favorite Azuki into the shopping cart.

1649129252691805◦ Similarly, it will be cheaper to place orders in batches on GEM, which is convenient for users to sell the items in their hands in batches.

 

◦ Taking Azuki as an example, GEM uses Dune Analytics data to provide users with more comprehensive NFT data than OpenSea.

1649129252700120◦ When users check out, they can use multiple ERC20 currencies to settle together. If your eth is not enough, you can add other tokens as payment methods. (Fig.3)

1649129252735647◦ The two figures below show a transaction record on GEM. Users spent 340 million SOS tokens to buy 8 NFTs. GEM directly and automatically replaces SOS with WETH through Sushiswap, saving a lot of gas.

16491292527321951649129252731549

 

GEM’s competitors

04

At present, GEM has a cooperative relationship with many exchanges. But GEM still has a competitor: Genie.xyz.

 

Genie is also an NFT aggregator, competing with GEM. The UI of the two websites cannot be said to be highly similar, only the same. With strong curiosity, combined with data and social dynamics, I have concluded a few main differences:

 

◦ The resources on the GEM platform are much better compared to Genie. GEM has data for OpenSea, LooksRare, X2Y2 and NFTX; Genie has only OS, Rarible and NFTX. (On this point alone, GEM achieves dimensionality reduction strike)

◦ GEM provides data analysis to facilitate users to analyze projects. Genie has no similar functionality.

◦ GEM also has FLASHBOT (anti-pinch tool) function, which can prevent users from being caught,

The case where the miner fee is deducted after the transaction fails after malicious brushing.

◦ According to the Discord community: Genie’s data is very slow and outdated, resulting in a bad user experience. Many people are former Genie users and gradually moved to the GEM community.

◦ You can feel the painting style of the real and fake Monkey King. (I personally tested, Genie’s website is really not easy to use, slower than GEM)

1649129252737271

1649129252856197

 

GEM data analysis

05

◦ As of April 1, GEM has facilitated 2,300 transactions in the past 24 hours, with a transaction volume of $14 million. Three months after GEM was launched, the total transaction volume reached 410 million US dollars, which is an outstanding achievement.

◦ The comparison of transaction data between GEM and Genie is also very telling: since GEM was launched at the end of January 2022, the transaction volume has caught up after March, and Genie has shown a decline (Fig.8).

◦ 95% of transactions on GEM originate from OpensSea pending orders, and the remaining 5% originate from LooksRare (Fig.9).

1649129252831734Source:

dune.xyz/sohwak/NFT-Aggregator-(OpenSea-via-GemGenie)-Overview

1649129252857663Source:

dune.xyz/bakabhai993/GEM-Master-Dash board

GEM Community & Platform Planning

06

◦ There are mostly benign community discussions on GEM: community members have been providing developers with the functions they need, and the development progress is transparent. It has achieved the NFT platform required by build users.

1649129252839384

1649129253116348◦ GEM engineer VASA has also been tweeting updates on platform progress and answering community questions.

1649129252879468

 

Ecological Cooperation of GEM

07

At present, GEM has not yet reached formal investment with capital, but has reached cooperation with multiple NFT platforms and project parties.

 

In addition, the current cooperation between the small exchange and GEM does have a feeling that it is about to equalize with Opensea.

1649129252911922◦ X2Y2 cooperates with GEM, cancels the market fee (marketplace fee), and refunds the gas previously paid by the user on GEM;

◦ GEM and LooksRare have reached a cooperation, Gem will automatically help users claim LOOKS rewards, sell WETH rewards, and exchange them for LOOKS for re-pledge to obtain compound interest, and users do not need to pay gas fees;

◦ FloorDAO cooperated with GEM to add 5 million USD of CryptoPunk vault liquidity to GEM;

◦ The popular NFT attribute investigation plugin – Trait Sniper also partnered with GEM.

The gameplay after GEM is issued is very imaginative: if the team can link GEM tokens to the transaction process of the platform, the daily transaction volume of GEM will increase visible to the naked eye; a large amount of transaction volume in the later period will have a very positive impact on GEM tokens. Yes, this project has great potential.

GEM currently supports all mainstream NFT platforms, and will definitely continue to increase in the future. High-quality user experience and excellent user-centric functions give GEM unique advantages in the NFT ecosystem; it is likely that other exchanges will become GEM’s warehouse in the future, and GEM will grasp the traffic entrance. Unless each NFT exchange introduces unique features, everyone’s preferred entry point may be an aggregator like GEM.

It has to be said that the emergence of GEM is indeed a gem of the NFT ecology, shining with more possibilities.

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