In a stunning market turnaround, Coatue Management has slashed the valuation of its investment in NFT leader OpenSea by a stark 90%. This dramatic adjustment suggests OpenSea's worth has plummeted to under $1.4 billion, a steep drop from its $13 billion zenith last year. Amidst a chilly crypto winter, this devaluation marks a significant sentiment shift from the dizzying heights of the NFT boom. OpenSea, once the crown jewel of the digital asset market, now faces the harsh tides of a contracting economy, mirroring the volatile nature of the NFT and crypto domains.
