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 OpenSea’s co-lead investor Coatue Management marked down its investment from $120 million to $13 million.
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<div class="cointelegraph">
 United States tech investment firm Coatue Management has marked down the value of its <a rel="noopener noreferrer nofollow" title="stake" href="https://thebittimes.com/tag/stake.html">stake</a> in non-fungible token (NFT) <a rel="noopener noreferrer nofollow" title="platform" href="https://thebittimes.com/tag/platform.html">platform</a> OpenSea by 90%.&nbsp;
 On Nov. 7, The Information reported on a document it reviewed showing Coatue reduced its investment from $120 million to $13 million — implying that OpenSea has fallen to an on-paper valuation of $1.4 billion.
 Coatue also marked down its investment in Web3 payment provider MoonPay by 90%.
 In January 2022, OpenSea raised $300 million in a Series C round led by crypto venture capital firm Paradigm and Coatue. The outsized investment saw the NFT <a rel="noopener noreferrer nofollow" title="platform" href="https://thebittimes.com/tag/platform.html">platform</a> valued at $13.3 billion.
 Following a stubborn bear market and a year-long slump in NFT trading activity, OpenSea announced a 50% reduction in staff in Nov. 3 as part of its plan to relaunch as OpenSea 2.0.
 <blockquote class="twitter-tweet">
 1/9 OpenSea is making some big changes today to focus on the next version of our product.— Devin Finzer (dfinzer.eth) (@dfinzer) November 3, 2023
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 OpenSea CEO Devin Fizner said the new version of the <a rel="noopener noreferrer nofollow" title="platform" href="https://thebittimes.com/tag/platform.html">platform</a> will focus on upgrading its technology as well as increasing its speed and quality. To Fizner, a smaller team will allow for the <a rel="noopener noreferrer nofollow" title="platform" href="https://thebittimes.com/tag/platform.html">platform</a> to remain “nimble and attentive.”
 Related: Elon Musk slams NFTs but ends up arguing the case for Bitcoin Ordinals
 In August, OpenSea faced criticism after it announced it was retiring its operator filter, a feature that allowed creators to blacklist non-royalties enforcing marketplaces.
 Coatue's markdown comes amid a slump in NFT trading volumes. The sector peaked in 2021, recording over $14 billion in sales during the year. Since then, NFT popularity has been on the decline with overall trading volumes dropping by 80% since March 2022.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/08/e1f0723ab8f719c6913554f414683c24.webp">
 <figcaption style="text-align: center;">NFT trading volumes grew slightly in October, hinting at a possible trend reversal. Source: DappRadar
 </figcaption>
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 A Nov. 3 report from crypto data firm DappRadar found the NFT market recorded its first month of gains in over a year, notching a $99 million increase month-over-month in October.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/opensea-investor-marks-down-stake-in-platform-by-90-report-tbt69447.html">https://thebittimes.com/opensea-investor-marks-down-stake-in-platform-by-90-report-tbt69447.html</a>

OpenSea investor marks down stake in platform by 90%: Report

TheBitTimes

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