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OpenSea's valuation drops to $1.4 billion. Turmoil in the NFT market
Coatue Management reduced its investment in OpenSea from $120 million to $13 million. The company's valuation fell to $1.4 billion.
The marketplace is going through difficult months, losing its lead to Blur.
The American investment company Coatue Management reduced its stake in the NFT marketplace OpenSea by 90% - from $120 million to $13 million. The Information reports this, citing internal documents.
The adjustment to the cost of investments implies a reduction in the platform's valuation to $1.4 billion. Coatue also cut its investments in Web3 payment provider MoonPay by 90% .
In January 2022, OpenSea raised $300 million , then its valuation reached a record high of $13 billion
However, in September 2023, Dovi Wang from Primitive Ventures announced a drop in the figure to $1.2 billion. According to her, the marketplace team is preventing sales from investors who are trying to exit the project on the over-the-counter market.
Serious problems for the platform began after OpenSea disabled the on-chain tool Operator Filter, which ensures the collection of royalties, on August 31. The decision did not receive the support the team expected.
Billionaire Mark Cuban called the initiative a big mistake . He saw this move as a decrease in confidence in the marketplace and damage to the industry. At the same time, the studio behind the Bored Ape Yacht Club (BAYC) NFT collection, Yuga Labs, announced its intention to cease cooperation with the platform by February 2024.
In early November, OpenSea announced a reduction of 50% of its staff due to a change in the direction of development of the marketplace. According to a statement by the company's CEO Devin Finzer, the new strategy involves a smaller team with direct communication with users.
At the end of October, trading volume on the platform amounted to $91.4 million out of a total of $307.6 million - the minimum figure since April 2021. In the same month,
#ape #NFTSurge #etf #BTC #pepe
$APE $BNB $ETH
Coatue Management reduced its investment in OpenSea from $120 million to $13 million. The company's valuation fell to $1.4 billion.
The marketplace is going through difficult months, losing its lead to Blur.
The American investment company Coatue Management reduced its stake in the NFT marketplace OpenSea by 90% - from $120 million to $13 million. The Information reports this, citing internal documents.
The adjustment to the cost of investments implies a reduction in the platform's valuation to $1.4 billion. Coatue also cut its investments in Web3 payment provider MoonPay by 90% .
In January 2022, OpenSea raised $300 million , then its valuation reached a record high of $13 billion
However, in September 2023, Dovi Wang from Primitive Ventures announced a drop in the figure to $1.2 billion. According to her, the marketplace team is preventing sales from investors who are trying to exit the project on the over-the-counter market.
Serious problems for the platform began after OpenSea disabled the on-chain tool Operator Filter, which ensures the collection of royalties, on August 31. The decision did not receive the support the team expected.
Billionaire Mark Cuban called the initiative a big mistake . He saw this move as a decrease in confidence in the marketplace and damage to the industry. At the same time, the studio behind the Bored Ape Yacht Club (BAYC) NFT collection, Yuga Labs, announced its intention to cease cooperation with the platform by February 2024.
In early November, OpenSea announced a reduction of 50% of its staff due to a change in the direction of development of the marketplace. According to a statement by the company's CEO Devin Finzer, the new strategy involves a smaller team with direct communication with users.
At the end of October, trading volume on the platform amounted to $91.4 million out of a total of $307.6 million - the minimum figure since April 2021. In the same month,
#ape #NFTSurge #etf #BTC #pepe
$APE $BNB $ETH
