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OpenSea’s valuation dropped from $12 billion to $1.2 billion

The valuation of the NFT marketplace OpenSea decreased from $12 billion to less than $1.2 billion. Dovi Wang from Primitive Ventures cites similar parameters with reference to OTC transactions.

According to the specialist, the team is preventing sales from investors who are trying to exit the project on the over-the-counter market. She is not interested in revaluing the NFT marketplace at a 90% discount.

“Equity is worse than NFTs,” Wang pointed out.

As of August 31, OpenSea has disabled its on-chain tool Operator Filter, which collects royalties. The decision did not receive the support the team expected.

Later, journalist Colin Wu accused OpenSea of ​​blocking users for using the Tornado Cash mixer. He noted that the investigation is still ongoing, which means the restrictions are due to a “proactive and strict control policy” on the part of the site.

At the end of the last summer month, trading volume on OpenSea decreased to $106 million – the minimum since April 2021.


Source: Cryptocurrency

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