Anyone heard this news? What's your take on this? It's this the beginning of the downfall of the NFT market or can we say that it will still survived till the next bull run?
https://zycrypto.com/key-opensea-investor-cuts-platforms-valuation-by-75-as-global-nft-sales-plummet/
For me though, I'm not surprised, we are still the bear market, although it seems that majority of the coins are bouncing back, I still one big reason for the sudden downfall of the NFT market is the obvious bearish trend.
And that's how the market works as we all know it, sooner or later the hype will die down a bit, like the P2E model. So we will see if NFT can live or continue to exists till the next bull run. It will be the ultimate test for this market, in my opinion.
They're buying the top Quote
OpenSea, one of the largest NFT marketplaces, has been hit particularly hard, with its valuation now facing a significant cut by one of its most prominent investors, Tiger Global. According to a recent report by The Information, Tiger Global, a $13 billion tech-focused venture fund, recently disclosed that its equity in OpenSea has dropped from $126.8 million to $30.2 million, representing a 76% drawdown. The firm became one of the largest investors in OpenSea when the NFT platform raised $300 million during a Series C round earlier last year.
https://zycrypto.com/key-opensea-investor-cuts-platforms-valuation-by-75-as-global-nft-sales-plummet/
For me though, I'm not surprised, we are still the bear market, although it seems that majority of the coins are bouncing back, I still one big reason for the sudden downfall of the NFT market is the obvious bearish trend.
And that's how the market works as we all know it, sooner or later the hype will die down a bit, like the P2E model. So we will see if NFT can live or continue to exists till the next bull run. It will be the ultimate test for this market, in my opinion.
It is obvious though considering the overall NFT volume has significantly decreased from its peak, which inevitably leads to a drop in the valuation of these marketplaces. I believe that NFTs are here to stay. When Bitcoin and other alts inevitably reach new ATH in the next couple of years, we'll likely see NFT volume rising as well. I agree with @Yogee; the real question is whether OpenSea will still be relevant by then.Are there real competitors to OpenSea?
Yeah, there are alternative platforms that offer unique selling points for Ethereum NFT marketplaces. Since February 2023, OpenSea has been dethroned as the top NFT marketplace on Ethereum. The top spot (by volume) is now held by Blur, which offers a rewards system in the form of their $BLUR tokens. However, such a reward system may not be sustainable in the long run, as we have seen with LooksRare.Meanwhile, on other blockchains like Solana, the landscape is entirely different. OpenSea doesn't have a presence there at all, with most of the market share being taken up by native marketplaces like MagicEden and Tensor.
