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OpenSea

NFT/Web3 marketplaceUSA
✂️ Markdown
Peak $13.3 BillionToday
~-90%
from peak
  1. 🦄
    Became a unicorn
    2021
  2. 📈
    Peak valuation
    $13.3 Billion ’22
  3. 💔
    Became a Unitard
    ~2022
  4. 💸
    Last valuation
    ~$1.33B
Current status
~$0.8-1.4B fund marks

How it happened

OpenSea was the leading NFT marketplace, reaching a ~$13.3B valuation in early 2022 during the Web3 and NFT boom. The subsequent crash in NFT trading volumes and a broader crypto downturn slashed its activity, and investors marked the company down sharply — Coatue cutting its valuation about 90% and Tiger Global roughly 94%, leaving fund marks around $0.8-1.4B. Glassdoor reviews trace how the retrenchment felt inside: staff described a 2022 round that followed over-hiring and a much larger cut in late 2023, alongside leadership decisions and priorities that lurched reactively with the volatile crypto market — several reviewers who admired the product faulted inexperienced management for the churn.

Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.

Source: The Information (Coatue -90%); Tiger -94%

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