The valuation of non-fungible token (NFT) marketplace OpenSea has been slashed by 90% by asset manager Coatue Management, according todocuments seen by The Information.

In 2022, Coatue and Paradigmleda $300 million roundfor the NFT marketplace, valuing the platform at $13.3 billion in its Series C. NFTs are aspecial type of crypto assetthat allows holders to prove their ownership of real or digital items.

Earlier in November, OpeanSea announced a 50% reduction in headcount.

While the crypto winter has shown signs of thawing, however, NFT sales have been slow to recover. Weekly NFT sales have dropped to around 23,000 from about 176,000 at the start of the year, while the weekly sales value has declined from $118 million to $62 million, data showsmarket tracker.

Nansen.ai’sNFT-500 indexhas also fallen 55% year-to-date, while itsroyalties tracker has also shown a significant decline in volume.