OpenSea investors give up 90% of platform shares

US technology investment firm Coatue Management has slashed the value of its stake in the non-fungible token platform by 90% (NFT) offshore.

News on November 7, report A document they reviewed showed that Coatue had reduced its investment from $120 million to $13 million, meaning OpenSea had lowered its paper valuation to $1.4 billion.

Coatue also reduced its investment in Web3 payments provider MoonPay by 90%.

In January 2022, OpenSea raised $300 million in Series C funding led by crypto venture capital firms Paradigm and Coatue. The huge investment has made the NFT platform worth $13.3 billion.

After a prolonged bear market and a year-long decline in NFT trading activity, OpenSea announced on November 3 that it would lay off 50% of its staff as part of its relaunch of OpenSea 2.0.

OpenSea CEO Devin Fizner said the new version of the platform will focus on upgrading technology and improving speed and quality. For Fizner, a smaller team will keep the platform “agile and thoughtful.”

Coatue’s exit comes amid a decline in NFT trading volumes. The industry peaked in 2021, with revenue exceeding $14 billion that year. Since then, NFTs have steadily declined in popularity, with total transaction volume down 80% since March 2022.

NFT trading volume increased slightly in October, indicating that this trend may be reversing. Source: DappRadar.

A report on November 3 by encryption data company DappRadar showed that the NFT market recorded its first monthly growth in more than a year, with a month-on-month increase of US$99 million in October.

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