I'm not surprised to see Opensea valuations drop. We are in a bear market, the money flow is being blocked.
The NFT market is becoming much quieter than before. Perhaps more efforts will be needed to improve technology and user attraction policies. There are more competing platforms and that's a barrier for Opensea.
They are facing competition they did not had before, while the bull market is still far away and there is also some skepticism towards NFTs which was not there before, so it is reasonable that OpenSea is facing some issues as they no longer have all the circumstances on their favor as they did some time ago, can they return back to their previous glory? This is difficult to know as I doubt that NFTs will attract the same attention they attracted before as simply too many people lost money with them.
Any losses in the market are temporary, possibly larger losses or rebounds. Cash flow back to the market certainly has many new projects and hype the whole market. I'll wait and see what their move is.
Look at Binance, they did a great job and innovated continuously. That makes people stay in the market more often than any other cryptocurrency exchange can.
There is no way to be sure that is going to be the case, there are many coins and many exchanges which suffered losses so high that they never recovered, and even if at some point the market of NFTs recovers, something I have very high doubts about it, there is no guarantee that people are going to use this platform at all, as they could prefer to use some of their competitors or they could prefer to use a platform that is yet to be created, a pattern that we have seen in this market many times before.