Opensea's valuation plummeted to less than $1.4 billion, a victim of the NFT bear market!

Recently, the NFT market has encountered a bear market, and Opensea, the largest NFT trading platform, has also been affected. According to php editor Apple, Opensea’s valuation has shrunk significantly, with only less than US$1.4 billion left. This news attracted widespread attention in the market. The NFT craze once made people crazy, but now that the market has corrected, investors have begun to reflect on the value and risks of NFT. The future development trend of the NFT market has attracted much attention.

The valuation has shrunk greatly, with only less than 1.4 billion US dollars left.

However, as the encryption market as a whole turned bearish in mid-2022, the NFT market still fell into a downturn, and transaction volume continued to decline. . According to data, OpenSea’s total transaction volume in September this year was only US$73.14 million, setting a new low since July 2021, with a drop of more than 98%. This figure shows that market demand for NFTs has dropped sharply and investor confidence continues to weaken. Currently, the NFT market is still facing severe challenges and requires further innovation and development to revitalize the market.

September hit a new low in transaction volume in July 2021

According to the report of "The Information", the value of the lead investor Coatue Management's investment in OpenSea A significant reduction was made. The original share value of US$120 million was reduced by 90% to US$13 million.

50% layoffs this month

According to previous reports, the NFT trading platform OpenSea has confirmed that it has laid off about half of its employees, but did not disclose the specific number of layoffs.

An Opensea spokesperson said that the company is undergoing major organizational and operational changes and is committed to creating a more flexible and optimized version of Opensea.

Devin Finzer, co-founder and CEO of OpenSea, said that we plan to launch the Opensea 2.0 market with a more streamlined team size. He also sincerely thanked his former teammates who have made great contributions to the company.

“Today, we are repositioning the team around “OpenSea2.0”, which is a major upgrade to our products, including underlying technology, reliability, speed, quality and experience. We will change the way we operate: moving to smaller teams and direct contact with users. Today we say goodbye to some of our OpenSea teammates. During the rebuilding process, we will continue to support existing products and will iteratively test OpenSea 2.0 in the public. ”

The above is the detailed content of Opensea's valuation plummeted to less than $1.4 billion, a victim of the NFT bear market!. For more information, please follow other related articles on the PHP Chinese website!