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<ul class="news-points"> 
 <li>Coatue, one of the largest investors in OpenSea, reportedly slashed its interest by 90% in the second quarter.&nbsp;</li> 
 <li>The hedge fund reduced its holdings from $120 million to $13 million, which takes OpenSea’s valuation to around $1.4 billion on paper.&nbsp;</li> 
 <li>DappRadar data shows OpenSea continues to trail Blur.io in terms of sales volume.</li> 
</ul> 
More woes may lie ahead for NFT marketplace Opensea as a report from The Information revealed one of its largest investors marked down the value of its stake in the company by 90% in the second quarter of this year.&nbsp; 
Indeed, the report noted that US-based hedge and venture fund Coatue has reduced its holdings from $120 million to $13 million. The markdown comes amidst a declining NFT market and marketplace competition that has seen OpenSea lose its market share.&nbsp; 
Once rated the largest NFT marketplace in the world, OpenSea’s trading volume has declined severely as a dwindling number of NFT investors opt for rival marketplace, Blur.io. However, OpenSea has unsuccessfully tried to reclaim the top spot after reneging on earlier commitments such as royalty fee payments.&nbsp; 
Last year, OpenSea was valued at $13.3 billion in a funding…
The post <a href="https://coinedition.com/us-hedge-fund-coatue-marks-down-opensea-stake-by-90-report/">US Hedge Fund Coatue Marks Down OpenSea Stake By 90%: Report</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

US Hedge Fund Coatue Marks Down OpenSea Stake By 90%: Report

Coin Edition

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