Funding agency Tiger International has reportedly marked down a number of investments, together with stakes in common 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%. As well as, the corporate additionally slashed valuations for a number of different portfolio corporations, in response to the report.
Cointelegraph reached out to Tiger International for feedback however didn’t get a right away response.
Tiger International has been actively investing in numerous areas within the crypto house. Aside from NFTs, the agency additionally invests in blockchain safety and privacy-focused tasks. In 2021, Tiger International co-led a $24 million funding round for blockchain safety agency CertiK because it made efforts to broaden its safety choices for the decentralized finance (DeFi) sector.
In 2022, Tiger International participated in a Series B investment round 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 yr, Tiger International additionally invested in the layer-2 network Polygon.
Tiger International just 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 investment within the NFT market by 90%. Coatue decreased the worth of its stake within the NFT platform from $120 million to $13 million, which means that OpenSea’s on-paper valuation dropped to $1.4 billion.