Outside Source
Investment management company Tiger Global marked down its stakes in the NFT marketplace OpenSea by 94%.
News
Investment firm Tiger Global has reportedly marked down several investments, including stakes in popular nonfungible token (NFT) projects like the Bored Ape Yacht Club (BAYC) collection and NFT marketplace OpenSea.
Citing anonymous sources, media outlet Bloomberg reported that the investment company marked down its stakes on BAYC by 69% and on OpenSea by 94%. In addition, the company also slashed valuations for multiple other portfolio companies, according to the report.
Cointelegraph reached out to Tiger Global for comments but did not get an immediate response.
Tiger Global has been actively investing in various areas in the crypto space. Apart from NFTs, the firm also invests in blockchain security and privacy-focused projects. In 2021, Tiger Global co-led a $24 million funding round for blockchain security firm CertiK as it made efforts to expand its security offerings for the decentralized finance (DeFi) sector.
In 2022, Tiger Global participated in a Series B investment round for the zero-knowledge applications platform Aleo. The privacy project raised $200 million, with investors like Kora Management LP and SoftBank Vision Fund 2 leading the investment round. The same year, Tiger Global also invested in the layer-2 network Polygon.
Related: User claims $11M in Blur token rewards at NFT marketplace’s season 2 airdrop
Tiger Global is not the first to mark down its investments in the NFT space. On Nov. 8, Coatue Management, OpenSea’s co-lead investor, marked down its investment in the NFT marketplace by 90%. Coatue reduced the value of its stake in the NFT platform from $120 million to $13 million, which implies that OpenSea’s on-paper valuation dropped to $1.4 billion.
Magazine: Pudgy Penguins GIFs top 10B views, CEO sets sights on Disney, Hello Kitty: NFT Creator
This article first appeared at Cointelegraph.com News
