Fund Manager Coatue Slashes OpenSea NFT Marketplace Valuation By 90%

The information provided on Inside Bitcoins is for educational and informational purposes only and should not be considered financial, investment, or trading advice. Cryptocurrency markets are highly volatile, and investing in digital assets carries significant risk. No profits are guaranteed, and you may lose some or all of your investment. Always invest responsibly and only with funds you can afford to lose.

OPENSEA MARKET VALUATION DROPS
OPENSEA MARKET VALUATION DROPS

Join Our Telegram channel to stay up to date on breaking news coverage

Fund manager Coatue Management slashed its valuation for NFT marketplace OpenSea by 90%, The Information reported.

Coatue’s stake, previously valued at $120 million, was estimated to be worth just $13 million at the end of the second quarter, The Information said, citing documents it said it had seen.

The valuation indicates that OpenSea is currently worth about $1.4 billion, compared to $13.3 billion early last year, the report said.

OpenSea, which is a leading platform for non-fungible tokens (NFTs), experienced a meteoric rise in 2022, when it secured a $300 million funding round led by Coatue Management and Paradigm.

But as the NFT market plunged, it struggled to adapt.

OpenSea Announces 50% Staff Reduction

CEO Devin Finzer announced a 50% reduction in staff across all departments on Nov. 3.

The move was part of a strategic shift to prioritize technological advancements, reliability, speed, quality, and user experience. The restructuring also aimed to streamline the organization with fewer middle managers.

“We are building a new foundation so that we can innovate faster, and we will soon share some experiences with you,” he said. “We will change the way we work and switch to a smaller team.”

Related News

Best Wallet - Diversify Your Crypto Portfolio

Our Rating

Best Wallet
  • Easy to Use, Feature-Driven Crypto Wallet
  • Get Early Access to Upcoming Token ICOs
  • Multi-Chain, Multi-Wallet, Non-Custodial
  • Now On App Store, Google Play
  • Stake To Earn Native Token $BEST
  • 250,000+ Monthly Active Users
Best Wallet

Join Our Telegram channel to stay up to date on breaking news coverage

Read next