Investment management firm Tiger Global has cut its stake in NFT marketplace OpenSea by 94%.
Investment firm Tiger Global has reportedly written down several investments, including stakes in popular non-fungible token (NFT) projects such as the Bored Ape Yacht Club (BAYC) collection and NFT marketplace OpenSea.
Citing anonymous sources, Bloomberg reported that the investment company has reduced its stake in BAYC by 69% and in OpenSea by 94%.
Cointelegraph contacted Tiger Global for comment but did not immediately receive a response.
Tiger Global has been actively investing in several areas in the crypto space. In 2021, Tiger Global co-led a $24 million funding round for blockchain security company CertiK as it worked to expand its security offering for the decentralized finance (DeFi) sector.
In 2022, Tiger Global participated in a Series B investment round for the zero-knowledge application platform Aleo. The privacy project has raised $200 million, with investors including Kora Management LP and SoftBank Vision Fund 2 leading the investment round. In the same year, Tiger Global also invested in the Polygon layer-2 network.
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Tiger Global isn’t the first to downgrade its investments in the NFT space. On November 8, Coatue Management, OpenSea’s co-lead investor, cut its investment in the NFT market by 90%. Coatue reduced the value of his stake in the NFT platform from $120 million to $13 million, implying that OpenSea’s valuation on paper fell to $1.4 billion.