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.



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In this image, a giant sphinx spoons itself in erotic play within an aquatic styled environment littered by various denizens. These creatures include symbols and archetypes both current and nostalgic–each inhabiting a rootedness within mass cultural adolescence. Among the roster are Servbots, video game inspired mushrooms, a Pacman-like creature, a distant sea faring rubber duck, creatures sporting the symbols reminiscent of popular anime, and a Pokemon-like rabbit (a novel incarnation of Ganesha indicated by the Shiva trident on its nose). In addition, a few sea creatures partly inspired by sea monsters of western antiquity conglomerate along the mid left side of the composition. The Sphinx itself is an amalgam of aquatic, fetishist, ancient Egyptian, and 80’s style adornments, both living, as in a clown fish, or material, such as a cassette tape. Nautically colored antennae receive somatic signals from the atmosphere, perhaps from the 8 Ball moon or giant ringed planet beyond.
be careful where you step.