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.

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

https://www.coindesk.com/web3/2023/11/08/opensea-investor-coatue-cuts-nft-marketplaces-valuation-by-90-report/?_gl=1*z2405x*_up*MQ..*_ga*MTEzNjIzMjY0NS4xNjk5NDIzMzI0*_ga_VM3STRYVN8*MTY5OTQyMzMyMy4xLjAuMTY5OTQyMzMyMy4wLjAuMA

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A young figure caught in a moment of distraction, aware only ephemerally of his unconscious being, as it engages in psychological and psychedelic layer spaces. His right arm casually cradles a moray eel; the figure is comfortable but not truly aware of the potentials for danger in such negligence. His shirt reads “Bello” in Pokemon style font, harkening back to a childhood straddling the millennial threshold. To his right side, out of the unconscious deep, shrouded alien heads propagate as a fractal totem, each new iteration a more sophisticated rendering of emotional masking over the cold mystery of the greys. As the scion of the Budgie-Sattva, the young man, in his distraction, is also simultaneously aware of higher levels of self discovery. To his left a psychological topology sets beneath the oracle side of an 8 ball ,hovering; its message a purest concept of acceptance. The “Scion” lettering is in 80’s HeMan style bold declaration. The lower right side of the painting is like a hybrid of melon, feathers, and seeds. The crystals in the background bring light; conducted, refracted, reflected, and dispersed, to balance the dark shadow of the figure’s physical body. The aura of the scion succeeds in layers to point, with a finger, and the crown chakra, toward a center of a mandala existing as nigh pure application of strokes, in essence painterly abstraction, but also revealing hints of the Aura of migraine, and the bi-hemispherical nature of the brain–noting concerns of the possibility of inherited mental disease. Yet the flourish of chakra as it sets against that center is robust, active, coherent, and reveling against all fear. Fundamentally, the piece speaks to the activation of one’s potential to begin to “Know Thyself”, and find greater awareness out of the enigmas of the mind–as an inculcated seed given to the rich soil of one’s own birthright.
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