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Acquisitions in the NFT ecosystem are on the rise

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Despite being the victim of several high-profile hacks earlier this year, Openness continues to be the leading NFT marketplace on the World Wide Web. Their Gem acquisition, the leading NFT marketplace aggregator, is the latest in a series of offensive moves.

In their official press release, OpenSea hopes that the acquisition “will allow [them] Learn from Gem’s skills and insights about the advanced NFT community – and bring the best features of Gem to OpenC. Site traffic in competing marketplaces is likely to experience a steep fall.

Centralized service in a decentralized place

So – are NFT enthusiasts celebrating the latest acquisition of OpenSea? Not quite.

This news sheds light on an open mystery about the nature of some of the biggest NFT marketplaces: they are centralized.

Although theoretically, NFT communities are free to host their collections in their own marketplaces or even white-label solutions like Cred, Bitsky and Serotonin, this sometimes comes at a cost to the user experience.

To put it bluntly, these small marketplaces will have a hard time reaching feature parity with millions of dollars worth of funding from their investors which could lead to their development budgets. With the acquisition of OpenSea, competing marketplaces are having a hard time catching up with OpenSea in terms of ease of use.

Wave across the blockchain

In the world of technology, buying competition – and their technology – is rarely a fancy idea. We saw this when Apple bought Bits by Dre in 2014 Although it was considered a bizarre move at the time, it finally made perfect sense when Apple unveiled a product that would change the face of mobile audio in late 2016: AirPods.

But what does yesterday’s big technology news have to do with NFT? In an ideal world, absolutely nothing. Unfortunately, the world we live in is far from ideal. For example, Oppenheimer is not the only major player in space who behaves like big technology. When Yuga Labs, the creator of BAYC and one of the biggest players in the NFT space, acquired the cryptocurrencies and Mebit’s collections earlier this year, they effectively merged ownership of the three most expensive NFT collections in existence.

The last thing on Web 3 is an entity that controls, a hedge fund What good is the decentralized nature of this exciting, new platform if actors only act like ordinary corporations and financial institutions?

Fortunately, such behavior is not seen among the most prominent members of the community. People like punk6529 are creating a truly community-first place in Metaverse, owned by no one and built by everyone. Even so, owning one is still beyond the reach of the average person.

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