OpenSea’s $13B valuation doesn’t make sense as NFT trading volumes plunge

But we were also cautious, noting that Coinbase’s revenue multiple was more conservative than OpenSea’s, which gave us pause due to the well-known crypto exchange’s history of growth and profitability.

We summed it up as follows:

It appears that the new OpenSea valuation is cheap compared to recent fundamentals, but a little expensive when we consider how much its market booms and busts. NFTs had several cycles of interest last year alone. NFTs are a hectic space, and the rules of engagement have very much not been sorted out. Even more, Coinbase is getting into the NFT game and OpenSea is now likely too expensive for the crypto trading shop to buy. So, it’s going to be a gloves-on year for the two.

The last time we looked at OpenSea, we came away a bit more impressed than we expected to. Let’s see if that happens again.

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