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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.
Coatue has cut the valuation of its OpenSea stake 90%, implying a valuation of just $1.4 billion for the NFT marketplace.https://t.co/ZvwQAbsnJO
— The Information (@theinformation) November 7, 2023
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.”
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