1 year ago
OpenSea’s co-lead capitalist Coatue Management marked down its concern from $120 cardinal to $13 million.
United States tech concern steadfast Coatue Management has marked down the worth of its involvement successful non-fungible token (NFT) level OpenSea by 90%.
On Nov. 7, The Information reported connected a papers it reviewed showing Coatue reduced its concern from $120 cardinal to $13 cardinal — implying that OpenSea has fallen to an on-paper valuation of $1.4 billion.
Coatue besides marked down its concern successful Web3 outgo supplier MoonPay by 90%.
In January 2022, OpenSea raised $300 million successful a Series C circular led by crypto task superior steadfast Paradigm and Coatue. The outsized concern saw the NFT level valued astatine $13.3 billion.
Following a stubborn carnivore marketplace and a year-long slump successful NFT trading activity, OpenSea announced a 50% simplification successful unit successful Nov. 3 arsenic portion of its program to relaunch arsenic OpenSea 2.0.
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OpenSea is making immoderate large changes contiguous to absorption connected the adjacent mentation of our product.
OpenSea CEO Devin Fizner said the caller mentation of the level volition absorption connected upgrading its exertion arsenic good arsenic expanding its velocity and quality. To Fizner, a smaller squad volition let for the level to stay “nimble and attentive.”
Related: Elon Musk slams NFTs but ends up arguing the lawsuit for Bitcoin Ordinals
In August, OpenSea faced disapproval aft it announced it was retiring its relation filter, a diagnostic that allowed creators to blacklist non-royalties enforcing marketplaces.
Coatue's markdown comes amid a slump successful NFT trading volumes. The assemblage peaked successful 2021, signaling implicit $14 cardinal successful income during the year. Since then, NFT popularity has been connected the diminution with wide trading volumes dropping by 80% since March 2022.
NFT trading volumes grew somewhat successful October, hinting astatine a imaginable inclination reversal. Source: DappRadarA Nov. 3 study from crypto information steadfast DappRadar found the NFT marketplace recorded its archetypal period of gains successful implicit a year, notching a $99 cardinal summation month-over-month successful October.
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