Investment agency Tiger Global has reportedly marked down a number of investments, together with stakes in standard nonfungible token tasks just like the Bored Ape Yacht Club (BAYC) assortment and NFT market OpenSea.
Citing nameless sources, media outlet Bloomberg reported that the funding firm marked down its stakes on BAYC by 69% and on OpenSea by 94%. In addition, the corporate additionally slashed valuations for a number of different portfolio firms, in accordance with the report.
Cointelegraph reached out to Tiger Global for feedback however didn’t get a right away response.
Tiger Global has been actively investing in varied areas in the crypto house. Apart from NFTs, the agency additionally invests in blockchain safety and privacy-focused tasks. In 2021, Tiger Global co-led a $24 million funding round for blockchain safety agency CertiK because it made efforts to increase its safety choices for the decentralized finance (DeFi) sector.
In 2022, it participated in a Series B investment round for the zero-knowledge purposes platform Aleo. The privateness mission raised $200 million, with traders like Kora Management LP and SoftBank Vision Fund 2 main the funding spherical. The identical 12 months, Tiger Global additionally invested in the layer-2 network Polygon.
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Tiger Global just isn’t the primary to mark down its investments in the NFT house. On Nov. 8, Coatue Management, OpenSea’s co-lead investor, marked down its investment in the NFT market by 90%. Coatue decreased the worth of its stake in the NFT platform from $120 million to $13 million, which suggests that OpenSea’s on-paper valuation dropped to $1.4 billion.
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