OpenSea Valuation Drops By 90%
OpenSea, the world’s largest NFT marketplace, has experienced a 90% drop in valuation due to a major investor’s divestment.
Coatue Management, a tech investment firm, reduced its investment in OpenSea from $120 million to $13 million, resulting in a current valuation of $1.4 billion or possibly lower.
This decision is not unique, as other tech-focused investors have also reduced their stake in web3 infrastructure company MoonPay by 90%.
The market decline has led to a reevaluation of investments made during the peak of the cryptocurrency market, with OpenSea’s valuation last year at $13.3 billion.
The recent downsizing of investments highlights the need for investors to reassess the value of their investments in the cryptocurrency market.
(With inputs from Shikha Singh)
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