Coatue Management Reduces Its Stake in OpenSea by 90%
Coatue Management is an investment firm focused on tech products based in the United States. The firm has recently taken out 90% of its stake from OpenSea as per a new report published by The Information.
OpenSea Valuation Plunges
The report noted that the firm has decreased a total invested capital of $120 million from the NFT trading platform to only $13 million during the second quarter of 2023. On this account, the total value of OpenSea is now valued at $1.4 billion.
In addition to OpenSea, the investment firm has also reduced its staked investment in Web 3.0 platform named MoonPay by 90%.
Last year the value of OpenSea was valued at around $13.3 billion. The firm managed to raise around $300 million during a Series C funding round that was co-led by Coatue Management. In April 2023, the firm decided to sell its shares of OpenSea on account of the ongoing bear market run in the crypto sector.
OpenSea CEO Devin Finzer told announced in November that the firm was working on cutting down about 50% of its staff in all departments.
The company intended to take new directions and upgrade its infrastructure in terms of technical innovation, reliability, speed, quality, and experience. The CEO noted that the new team of OpenSea will be flatter and consist of fewer middle managers.
OpenSea Launches Pro Version on Polygon
OpenSea is going to become a multi-chain product following the launch of the Pro version of Polygon protocol. OpenSea noted on 2nd November that investors can purchase and sell NFTs on various platforms and blockchains.
The firm also noted that it has introduced cross-chain bridge feature in association with Socket. Socket is a Web 3.0 product that that is created for on-chain networking. Users are able to send tokens to other chains and exchange them in single step.
OpenSea also supports different ledgers that have added support for Polygon, Ethereum, Base, and BNB Chain etc. With the launch of Pro version the firm will start serving sophisticated NFTs for traders to various blockchain networks.
Some major NFT publishers such as Yuga Labs are now planning on relisting to Blur and OpenSea on account of royalty cutbacks. Both Blur and OpenSea have decreased the royalty charges to encourage more artists to list their collections on the NFT marketplace.
OpenSea Reduces Royalty Fee for NFT Contributors
Last month, OpenSea decided to lower the royalty fee for NFT contributors to incentivize more NFT creators to list their collections on the platform.
On this account, Yuga Labs, CryptoPunks, and Bored Ape Yacht Club are reportedly deliberating on relisting their NFT collections on the platform as per an article published in Bloomberg.
OpenSea management reduced the royalty fee by a massive percentage that NFT artists were receiving from the secondary markets. Statistics issued by Nansen informed that the royalty fees in January were valued at around $260 million which fell to $2.4 million in September.
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