The world’s largest NFT marketplace, OpenSea, has faced a substantial setback as its valuation plummeted by 90% as a major investor divested from it.
Coatue Cuts Stake
With its valuation dropping by a staggering 90%, OpenSea might have experienced its biggest blow yet. With tech investment leader Coatue Management backing out of its OpenSea investment, the NFT platform has lost a significant chunk of its funding. The investment company has significantly reduced its holdings in OpenSea, slashing its once-assessed $120 million investment in the NFT platform down to a mere $13 million. This substantial markdown indicates that OpenSea’s current valuation now hovers at $1.4 billion or possibly even lower.
Reconsidering Investments
Coatue’s decision to downsize its investment in OpenSea isn’t isolated. In a similar move, the tech-focused investment manager also reduced its stake in web3 infrastructure company MoonPay by 90%.
These markdowns underscore how venture investors are reevalua
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