Image default

Fund Manager Coatue Slashes OpenSea NFT Marketplace Valuation By 90%

Join Our Telegram channel to stay up to date on breaking news coverage

Fund manager Coatue Management slashed its valuation for NFT marketplace OpenSea by 90%, The Information reported.

Coatue’s stake, previously valued at $120 million, was estimated to be worth just $13 million at the end of the second quarter, The Information said, citing documents it said it had seen.

The valuation indicates that OpenSea is currently worth about $1.4 billion, compared to $13.3 billion early last year, the report said.

OpenSea, which is a leading platform for non-fungible tokens (NFTs), experienced a meteoric rise in 2022, when it secured a $300 million funding round led by Coatue Management and Paradigm.

But as the NFT market plunged, it struggled to adapt.

OpenSea Announces 50% Staff Reduction

CEO Devin Finzer announced a 50% reduction in staff across all departments on Nov. 3.

The move was part of a strategic shift to prioritize technological advancements, reliability, speed, quality, and user experience. The restructuring also aimed to streamline the organization with fewer middle managers.

“We are building a new foundation so that we can innovate faster, and we will soon share some experiences with you,” he said. “We will change the way we work and switch to a smaller team.”

Related News

New Crypto Mining Platform – Bitcoin Minetrix

  • Audited By Coinsult
  • Decentralized, Secure Cloud Mining
  • Earn Free Bitcoin Daily
  • Native Token On Presale Now – BTCMTX
  • Staking Rewards – Over 100% APY

Bitcoin Minetrix

Join Our Telegram channel to stay up to date on breaking news coverage

Source link

Related posts

Trader Who Navigated May 2021 Crash Predicts The Winner

Marine Savard

Dogecoin Whale Moves 71 Million DOGE To Robinhood, What Does This Mean For Price?

Marine Savard

SEC alleges 12 crypto assets are securities

Marine Savard

Report – Economics Bitcoin News

Marine Savard

Cosmos-Based Defi Protocol Nolus Raises 2.5M to Build the First Cross-Chain Defi Lease

Marine Savard

Brazil Moves Closer to Crypto Laws, Senate Approves First Bill Governing Sector

Marine Savard

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More