https://techcrunch.com/2022/07/01/openseas-13b-valuation-doesnt-make-sense-as-nft-trading-volumes-plunge/

It may feel like it’s been a few years since OpenSea announced the funding round that pushed its valuation to the $13 billion mark. It was January.

At the time, this column dug into the company’s financial performance and came to a number of conclusions, primarily that the company was generating a lot of revenue. That meant OpenSea appeared somewhat inexpensive at its $13 billion price tag when stacked up against the revenue multiples other unicorns were getting in new, aggressive venture capital rounds.