One of the largest investors of OpenSea, one of the popular NFT platforms, made a major reduction in the price of its share in the company.
According to information provided by The Information, New York-based hedge fund Coatue Management has increased the value of its share in OpenSea. 90% of the time dropped it.
As of the second quarter of this year, the company has $120 million value of share reduced to 13 million dollars. This is the total value of NFT marketplace OpenSea decreased to $1.4 billion or below It may show.
OpenSea received funding from a group of investors, including Coatue Management, in the Series C investment round it organized last year. 300 million dollars received investment and It was valued at $13.3 billion.
With the onset of the bear market for cryptocurrencies, many shareholders decided to sell their shares in OpenSea.
OpenSea CEO Devin Finzer said on November 3 that they have changed their priorities as a company and that staff in all departments They laid off 50% of their jobs explained.