08/11/2023 OpenSea Investor Coatue Cuts NFT Marketplace's Valuation by 90%: Report

Coatue also marked down its stake in MoonPay by 90%

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.

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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.

Arts

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The Be@rbrick series is a project around creating unique Be@rbrick designs. Originally it started as a daily project so each design was created on a daily basis. The concept and idea is based on the subcultural phenomenon of collectibles and designer toys. Raw Cut Be@rbrick is made of several hundreds of diamonds and is only availabe as a 1/1 limited edition collectible. Format : 3D Render. File: JPG * size: 5120 × 2880px After purchase a hand signed Glichē print will be sent to the address of your choosing. Limited to: 1/1 digital pieces.
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