Main competitor Genie lagging behind, despite first-mover advantage
Gem and Genie are the two leading NFT marketplace aggregation platforms at the moment. And their story is definitely interesting. But which one is taking the top spot in this new NFT niche? Read on to find out.
- What are NFT marketplace aggregators?
- Genie was the first NFT marketplace aggregation service
- Gem vs Genie
- Gem has registered 12,000 more unique active wallets in the past week when compared to Genie
NFT marketplace aggregation is a rather new field in the space, however, demand for such services is on the rise. Platforms like Gem and Genie offer users the ability to purchase NFTs from various collections and marketplaces in a single transaction, saving gas costs in the process. Imagine you’re looking to purchase 10 NFTs from 5 different collections. If you’re doing that on a marketplace like OpenSea, this would mean 10 transactions and paying gas fees ten times.
NFT marketplace aggregators allow you to bundle up all these purchases in a single basket transaction and save on gas costs. This could mean hundreds or even thousands saved depending on the number of NFTs in your shopping basket.
Genie started the wave
The Genie NFT marketplace aggregator was the first platform of this kind to make it to the NFT scene. It started gaining traction towards the end of 2021, as the NFT space was going through an explosive wave of activity.
The platform boasts up to 40% savings on gas fees, of course depending on the number of NFTs bundled up in a single transaction. Users can log in with their Ethereum wallets and browse through thousands of NFT collections bundling up various NFTs and paying for gas only once.
Genie brought a revolutionary buying and listing mechanism to the NFT space, and quickly rose to popularity. However, business partnerships are hard to manage sometimes, and Genie is the perfect example. Just before the platform’s official launch in November 2021, one of Genie’s co-founders left the project without notice. According to scott_eth, the other Genie co-founder, this was the result of fundamental misalignment. Still, Genie launched successfully and took the NFT space by storm.
Gem Vs Genie
Gem, the second NFT marketplace aggregator to sprout into popularity, launched in January 2022. The platform offers much the same functions as Genie, however, performance statistics are widely different.
While Gem also allows users to bulk buy and list NFTs, a big difference comes from the list of marketplaces the platform supports. At the beginning of January 2022, a new platform called LooksRare took over the secondary marketplace space. Luring in users with token rewards, LooksRare quickly rose to popularity, and Gem took advantage of that.
Unlike Genie, the Gem NFT marketplace aggregator supports LooksRare sales and buys. What’s more important, Gem allows its users to still benefit from LooksRare’s LOOKS token rewards. This was a tipping point in the rivalry between Gem and Genie.
Gem takes over the NFT aggregator space
Now let’s look at some data. In the past seven days, Genie, the first NFT marketplace aggregator to launch, attracted a little over 2,400 unique active wallets. This is a nice spike of 14% compared to the week before. The platform processed upwards of 3,600 transactions and generated $11.61 million in volume.
While these are good numbers, main competitor Gem seems to be doing a better job. In the past seven days, Gem attracted close to 15,000 unique active wallets. That’s a 51% spike compared to the previous week and a whopping 12,000 more than what Genie recorded.
What’s more, Gem processed over ten times more transactions in the same seven-day period and generated close to ten times the volume registered on Genie. In this sense, Gem is outperforming its predecessor by a large margin for the moment.
Still, one shouldn’t cross off Genie as a viable option in the NFT marketplace aggregation sphere. Both platforms are still very young and in the early stages of development. With solid user bases and innovative services to offer, both projects are here to stay. The NFT community eagerly jumps at any opportunity to save on gas fees, so Genie and Gem are only going to attract more and more users.
DappRadar will continue monitoring this interesting rivalry, as NFT marketplace aggregation becomes a go-to service for NFT whales and big-time collectors. If you want to learn more about Genie and Gem, check out the links below. You can also follow DappRadar on Twitter, and join our PRO community, to get the latest NFT news first.