OpenSea's Valuation Plummets 90%: Why Coatue Management Soured On NFT Marketplace

  • By Grand News Network
  • |
  • November 8, 2023

Coatue Management, a tech-focused investment firm, has lowered its valuation of its investment in the NFT marketplace OpenSea.

Coatue's stake has been decreased drastically from $120 million to just $13 million, The Information reported.

This adjustment suggests that OpenSea's valuation has diminished to approximately $1.4 billion.

This development echoes the conversations anticipated at the upcoming Benzinga's Future of Digital Assets conference scheduled for Nov. 14, where the valuation trends and prospects of digital assets like NFTs are likely to be a focal point of discussion among industry experts.

Additionally, Coatue has applied the same 90% markdown to its investment in the Web3 payment platform, MoonPay.

OpenSea, ...

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