Valuation of NFT Marketplace OpenSea Falls to $1.4B
According to a report by The Information, Coatue Management, an American investment company, has reduced its stake in the NFT marketplace OpenSea by 90%, from $120 million to $13 million. This suggests a decrease in the platform’s valuation to $1.4 billion.
In addition, Coatue also reduced its investments in Web3 payment provider MoonPay by 90%. OpenSea’s valuation hit an all-time high of $13 billion in January 2022 after raising $300 million.
However, in September 2023, Primitive Ventures’ Dovi Wang reported a drop in valuation to $1.2 billion, citing the platform’s team preventing investor sales on the over-the-counter market.
OpenSea faced serious problems after disabling its on-chain royalty collection tool Operator Filter on August 31, with many in the industry criticizing the decision.
Billionaire Mark Cuban called it a “big mistake,” and the studio behind Bored Ape Yacht Club NFTs announced it would stop working with OpenSea by February 2024.
In early November, OpenSea announced a 50% reduction in staff, citing a change in the platform’s development direction.
