The valuation of non-fungible token (NFT) marketplace OpenSea has been slashed by 90% by asset manager Coatue Management, according to documents seen by The Information.
Earlier in November, OpeanSea announced a 50% reduction in headcount.
While the crypto winter has shown signs of thawing, however, NFT sales have been slow to recover. Weekly NFT sales have dropped to around 23,000 from about 176,000 at the start of the year, while the weekly sales value has declined from $118 million to $62 million, data shows market tracker.
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