According to Foresight News, investment management firm Coatue has reduced its stake in OpenSea by 90% in the second quarter of 2023, valuing its shares at $120 million. This move suggests that OpenSea's valuation is equal to or less than $1.4 billion, far from the $13.3 billion valuation at the beginning of 2022. In addition, Coatue has also reduced its stake in Web3 infrastructure company MoonPay by 90%. OpenSea raised $300 million in a Series C funding round co-led by Coatue Management last year, with a valuation of $13.3 billion at the time.

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