OpenSea 2.0 Leaves a Lot to the Imagination

OpenSea CEO Devin Finzer announced last week, in what seemed to be a post-Sam Bankman-Fried trial Friday afternoon news dump, that the NFT marketplace was laying off 50% of its staff and pivoting to “OpenSea 2.0.” Halfway through this new week and OpenSea is still the biggest news on the crypto beat.

My colleague Kate scooped yesterday that Coatue Management, which co-led a $300 million investment into the startup in January 2022, marked down its $100 million investment by 90% as of June 2023. That implies OpenSea is worth $1.4 billion or less, a far cry from the $13.3 billion valuation it landed last year.