OpenSea Investor Slashes $120M Stake by 90% Amid Prolonged NFT Bear Market
-
OpenSea investor Coatue Management marked down its $120M stake in the NFT platform by 90% to $13M, implying a $1.4B valuation.
-
The markdown comes amid a prolonged bear market and slump in NFT trading volumes, which are down 80% since March 2022.
-
In January 2022, OpenSea raised $300M led by Paradigm and Coatue at a $13.3B valuation.
-
OpenSea announced 50% staff reductions in November as part of a plan to relaunch as OpenSea 2.0 and focus on upgrading technology.
-
NFT trading volumes saw their first monthly increase in over a year in October, hinting at a potential trend reversal.