Tiger Global marks down stakes in BAYC and OpenSea: Report

Investment steadfast Tiger Global has reportedly marked down respective investments, including stakes successful fashionable nonfungible token (NFT) projects similar the Bored Ape Yacht Club (BAYC) postulation and NFT marketplace OpenSea. 

Citing anonymous sources, media outlet Bloomberg reported that the concern institution marked down its stakes connected BAYC by 69% and connected OpenSea by 94%. In addition, the institution besides slashed valuations for aggregate different portfolio companies, according to the report.

Cointelegraph reached retired to Tiger Global for comments but did not get an contiguous response. 

Tiger Global has been actively investing successful assorted areas successful the crypto space. Apart from NFTs, the steadfast besides invests successful blockchain information and privacy-focused projects. In 2021, Tiger Global co-led a $24 cardinal backing round for blockchain information steadfast CertiK arsenic it made efforts to grow its information offerings for the decentralized concern (DeFi) sector. 

In 2022, Tiger Global participated successful a Series B concern round for the zero-knowledge applications level Aleo. The privateness task raised $200 million, with investors similar Kora Management LP and SoftBank Vision Fund 2 starring the concern round. The aforesaid year, Tiger Global besides invested successful the layer-2 web Polygon. 

Related: User claims $11M successful Blur token rewards astatine NFT marketplace’s play 2 airdrop

Tiger Global is not the archetypal to people down its investments successful the NFT space. On Nov. 8, Coatue Management, OpenSea’s co-lead investor, marked down its investment successful the NFT marketplace by 90%. Coatue reduced the worth of its involvement successful the NFT level from $120 cardinal to $13 million, which implies that OpenSea's on-paper valuation dropped to $1.4 billion. 

Magazine: Pudgy Penguins GIFs apical 10B views, CEO sets sights connected Disney, Hello Kitty: NFT Creator