Valuation of NFT Marketplace OpenSea Falls From $12B to $1.2B
The market capitalization of OpenSea, a popular NFT marketplace, has dropped from $12 billion to under $1.2 billion.
According to Dovi Wang of Primitive Ventures, over-the-counter sales have seen similar price drops. Wang also stated that the project team is preventing investors from exiting the project through OTC markets.
They are not interested in artificially inflating the valuation of OpenSea by as much as 90%. According to Wang, the team believes that equity is less valuable than NFTs.
In addition, on August 31, OpenSea disabled their on-chain royalty collection tool, Operator Filter, resulting in backlash from the community.
Journalist Colin Wu further accused OpenSea of imposing restrictions on users who utilize the Tornado Cash mixer. He believes this is a result of the site’s strict control policies.
It should also be noted that trading volume on OpenSea has decreased to $106 million, the lowest since April 2021.
