Funding administration firm Tiger International marked down its stakes within the NFT market OpenSea by 94%.
Funding agency Tiger International has reportedly marked down a number of investments, together with stakes in standard nonfungible token (NFT) tasks just like the Bored Ape Yacht Membership (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%.
Cointelegraph reached out to Tiger International for feedback however didn’t get an instantaneous response.
Tiger International has been actively investing in varied areas within the crypto house. In 2021, Tiger International co-led a $24 million funding spherical for blockchain safety agency CertiK because it made efforts to increase its safety choices for the decentralized finance (DeFi) sector.
In 2022, Tiger International participated in a Sequence B funding spherical for the zero-knowledge functions platform Aleo. The privateness undertaking raised $200 million, with buyers like Kora Administration LP and SoftBank Imaginative and prescient Fund 2 main the funding spherical. The identical 12 months, Tiger International additionally invested within the layer-2 community Polygon.
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Tiger International isn’t the primary to mark down its investments within the NFT house. On Nov. 8, Coatue Administration, OpenSea’s co-lead investor, marked down its funding within the NFT market by 90%. Coatue diminished the worth of its stake within the NFT platform from $120 million to $13 million, which suggests that OpenSea’s on-paper valuation dropped to $1.4 billion.
