NFTs have been one of the most interesting and unique asset classes of the century.
The year 2021 was an fascinating one with the technology, finance, culture, and community that NFTs have brought to the decentralized space. However, this gave rise to large pertinent issues of scalability.
One interesting project is Gem.xyz — a world-class NFT aggregator.
What is an NFT aggregator?
Traditionally, an aggregator is used for data aggregation, which refers to gathering data across various websites, allowing information to be presented in one place with different categories for different users.
It is essentially a search engine that collects and compiles useful information, and removes irrelevant ones. Using machine learning, they can also create valuable indicators, which are calculated via the data processed.
A professional NFT aggregator simply collects all NFT transaction information from different chains, and consolidates them into a single place. This provides for an optimized trading experience and improves efficiency and effectiveness.
Some of the top benefits of an NFT aggregator include:
- One page for everything — Users can view, trade, and buy NFTs across all marketplaces. Users are able to see everything, from current NFT data, to trade volumes of a particular type of NFT.
- Improved search efficiency — Users are easily able to find the best deals across all exchanges, including OpenSea, Rarible, Larva Labs and many more.
- NFT analytics — Users can find all the analytics they need in one place. They can find information such as sales, volume, floor price, top holders, top buyers, and many more
- Optimization — Users can spend more tokens on jpegs rather than gas. Users may also be able to pay with any token they’d like.
So what is Gem.xyz?
Since Gem’s humble beginnings as a Cross-Asset Swap, it has polished its product to provide many more benefits. These are some of the latest and newest features they have launched:
- It partnered with Dune Analytics, to provide excellent NFT analytics for professional NFT traders. These range from the various niche statistics of live sales and minting activities to even the top distributions. Take for example the Bored Ape Yacht Club, information such as sales volume and floor prices can be easily pulled.
Activity such as Live Activity can also be seen for sales. These are just some of the many features available.
- Gem is also a leader in the NFT aggregator industry by offering its aggregation of multiple marketplaces. Users save up to 39% on gas fees using Gem, compared to buying directly from the OpenSea marketplace. One of the great things is that gas savings increase with each additional item users buy into their shopping cart.
This is done using the interesting programming language Yui. Optimizing their smart contracts via the low-level programming language for Ethereum helps innovative smart contracts, making NFTs accessible to more people.
- Another very interesting prospect is that users can pay with any token. On Gem, they can pay with any, or even multiple ERC Tokens in a user’s wallet thanks to its optimization.
- Users can also batch sell NFTs, and manage all their listings from a single dashboard.
- A sweep mode is also available for professional NFT traders. Users can automatically sweep an NFT collection by selecting the amount of items or ETH budget for their sweep. For fast sweeping, users can even instantly check out with Ethereum with the “Buy Now” button and skip the whole payment process.
Roadmap and other features
While Gem.xyz currently does not have a roadmap, it is under development. One of the interesting features is that it does have a feedback system.
Users are able to request for features on the platform, give bug reports, and also request for rarity ranking requests. This has been a spotlight for many as the community has a say in the project.
Users are also able to see planned and in progress activities. The community is frequently updated in an interactive manner and support inside their Discord is also excellent.
Another exciting part is that users can also vote for other users’ suggestions. For example, in the suggestion below, users are asking for a collection/cart sharing, which was approved by the team as a work in progress.
ICO and others
For those bullish on Gem, it has an upcoming ICO that could prove to be beneficial to the NFT aggregator industry.
While there is currently no information on it, it is rumored that users will get a larger say and may be able to cover gas fees using there native ICO token. For more information, some useful links include:
Closing thoughts
Gem.xyz is definitely an interest project to look at thanks to its capability to optimize and transform the NFT industry. It is currently focused on creating the best user experience for exploring, buying, and selling NFTs.
In addition, in the long term, it plans to build other cool analytics that benefit and change the entire landscape of the NFT ecosystem, including ways to personalise and share your collections, smart discovery, and easy and permissionless trading.
However, as it is relatively new, there are some limitations. For example, one issue is failed transactions. When users try to run a purchase using Gem, they may be trying to purchase an NFT that others are also vying for.
Multiple people trying to purchase the same asset at times means that only one person will end up getting it, depending on who uses more gas.
It is also noted that there are two types of errors:
- A yellow error (expected error), indicating that no NFTs or some NFTs were bought.
- A red error, which means that there was an unexpected error. This leads to no NFTs being bought and should be reported in the support channel in discord.
In terms of how refunds work, it is always sent back to the same wallet that purchased the NFT. Usually a refund is processed within a few minutes. Users can check it via their Etherscan transaction.
Should a red error occur, this means that the complete transaction has failed and money would have been used to cover gas fees. This is especially common inside highly desired NFT projects esp during a public sale.
Gem.xyz has immense potential with its strong support from the community. While it is a current work in progress, as the NFT landscape and industry improve albeit clearer regulation, we could in turn see better and more salient use cases with Gem.xyz.
Featured Image Credit: Gem.xyz
Also Read: Want To Flip NFTs Like A Pro? Here Are 5 Tools For Evaluating And Trading NFTs
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