OpenSea's NFT marketplace valuation drops 90%
The valuation of OpenSea's NFT marketplace has fallen by 90%
In October 2023, trading volumes on the OpenSea platform totaled $91.4 million, showing a decline of more than 98% from peak values
The valuation of NFT marketplace OpenSea dropped from $13.3 billion to $1.4 billion after one of its largest investors, New York-based venture capital firm Coatue Management, revalued its stake in the crypto startup by 90%, from $120 million to $13 million, The Information reported.
In January 2022, the monthly trading volume on the NFT marketplace OpenSea exceeded $4.8 billion, showing a historical record for the entire existence of the platform, according to data from the analytical service Dune Analytics. At the same time, the crypto startup attracted $300 million in investments from Paradigm and Coatue, as a result of which the valuation of the marketplace exceeded $13.3 billion.
According to the analytical service The Block Research, in October 2023, trading volumes on the OpenSea platform amounted to $91.4 million, showing a decline of more than 98% from peak values. OpenSea's closest competitor, the Blur marketplace, is gradually taking over the NFT market share, demonstrating twice as high trading volumes in October.
In early November, the platform announced plans to cut 50% of its staff due to a change in the marketplace's development course.
Since the beginning of November, the Blur token (BLUR) has risen by more than 50%, with more than 30% growth occurring after OpenSea announced the cuts. The marketplace is preparing to distribute 300 million tokens to users in an airdrop expected on November 20.
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