US Hedge Fund Coatue Marks Down OpenSea Stake By 90%: Report

• Coatue, one of the largest investors in OpenSea, reportedly slashed its interest by 90% in the second quarter. 
• The hedge fund reduced its holdings from $120 million to $13 million, which takes OpenSea’s valuation to around $1.4 billion on paper. 
• DappRadar data shows OpenSea continues to trail Blur.io in terms of sales volume.

More woes may lie ahead for NFT marketplace Opensea as a report from The Information revealed one of its largest investors marked down the value of its stake in the company by 90% in the second quarter of this year. 

Indeed, the report noted that US-based hedge and venture fund Coatue has reduced its holdings from $120 million to $13 million. The markdown comes amidst a declining NFT market and marketplace competition that has seen OpenSea lose its market share. 

Once rated the largest NFT marketplace in the world, OpenSea’s trading volume has declined severely as a dwindling number of NFT investors opt for rival marketplace, Blur.io. However, OpenSea has unsuccessfully tried to reclaim the top spot after reneging on earlier commitments such as royalty fee payments. 

Last year, OpenSea was valued at $13.3 billion in a funding…

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