OpenSea’s valuation plummets, down 90%

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Coatue Management is the investment fund that has suffered the most when OpenSea’s valuation has fallen sharply in recent times.

A recent report showed that the valuation of leading NFT marketplace OpenSea has dropped by 90%, from $13.3 billion at the beginning of 2022 to less than $1.4 billion currently.

Investors in the platform were also hurt by the sharp drop in OpenSea’s price. Specifically, Coatue Management was the investment fund that suffered the most, with its investment in OpenSea losing 90% of its value.

Initially, Coatue owned a $120 million stake in OpenSea. By the end of the second quarter of 2023, the shares will be worth only about $13 million. In addition to OpenSea, Coatue’s investment in web3 infrastructure company MoonPay has seen a similar decline.

Faced with difficulties, OpenSea recently laid off half its staff, downsized its business, focused on improving technology, and prioritized resources on key products. While OpenSea is declining, its competitor Blur is becoming increasingly powerful, and the price of BLUR tokens has even been soaring recently.

As for the reason for OpeaSea’s decline, analysts believe that it was the long cryptocurrency winter that forced investors to gradually sell stocks to cover. And the NFT market has yet to catch up with the recovery.

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