It can feel it’s like it’s been years since OpenSea announced a funding round that took its valuation to the $13 billion mark. it it was january.
At that time this column delved into the financial performance of the company and came to a number of conclusions, most notably that the company was making a lot of money. This meant that OpenSea looked somewhat inexpensive at its $13 billion price tag compared to multiples of the revenues other unicorns were making. new aggressive rounds of venture capital.
But we were also cautious, noting that Coinbase’s revenue multiplier was more conservative than that of OpenSea, which made us wonder due to the well-known crypto exchange’s history of growth and profitability.
We have summarized it as follows:
It looks like OpenSea’s new valuation is cheap compared to recent fundamentals, but a bit more expensive considering how much of its market ups and downs. Just last year, the NFT had several cycles of interest. NFT is a hectic space and the rules of engagement are far from settled. Moreover, Coinbase is entering the NFT game and OpenSea is now probably too expensive for a cryptocurrency store to buy. So for the two of them this year will not be easy.
It turned out to be right much sooner than we expected. So, let’s gather the latest OpenSea market data, do our usual round of valuation math, and then compare where the NFT marketplace’s valuation currently stands compared to both its own financial performance and its public peers.
The last time we looked at OpenSea, we were a little more impressed than we expected. Let’s see if it happens again.
NFT market in the second quarter
If you are a regular reader of TechCrunch+, you may have seen two views of the NFT market on our pages in recent weeks. At the beginning of June we stated that the market really felland, based on the data available at the time, we were comfortably sure about it.
Credit: techcrunch.com /