The valuation of one of the largest NFT markets in the world has fallen by 90%. This happened after the lead investor significantly overestimated his stake in the cryptocurrency startup. In October, trading volume on OpenSea was $91.4 million, down 98% from its peak.
The enterprise value of one of the world’s largest NFT marketplaces fell from $13.3 billion to $1.4 billion, after venture capital firm Coatue Management, a major investor in OpenSea, revalued its stake in the startup from $120 million to $13 million. Information.
In October, the trading volume on OpenSea amounted to $91.4 million, which is a 98% drop from the peak values. The record trading volume in the market was recorded in January 2022; then it amounted to 4.8 billion dollars.
In January 2022, OpenSea attracted $300 million in investments, receiving a round valuation of $13.3 billion.
Author:
Kirill Bilyk
Source: RB
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