OpenSea Investor Cuts Platform’s Valuation
The worldwide NFT market has recently experienced a substantial decline, with numerous platforms and investors suffering the effects. Last year, when the excitement surrounding NFTs faded, the market witnessed a correction, resulting in a drop in trading volumes and valuations.
OpenSea, one of the largest NFT marketplaces, has been particularly hard affected, with one of its most important investors, Tiger Global, lowering its valuation significantly.
According to The Information, Tiger Global, a $13 billion tech-focused venture fund, has announced that its stock in OpenSea has decreased from $126.8 million to $30.2 million, a 76% drop. The firm became one of the largest investors in OpenSea when the NFT platform raised $300 million during a Series C round earlier last year.
In its recent report, Tiger Global valued OpenSea at just $3Billion, despite the popular NFT marketplace hitting a $13.3 billion valuation at the height of NFT mania last year. This value drop has been largely attributed to the drop in NFT sales plummet and increased competition from rival platforms like Blur.
(With inputs from Shikha Singh)
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