Venture fund Tiger Global reduces its stake in OpenSea NFT marketplace by 94%
Earlier, the firm completely wrote off $38 million of investments in the collapsed FTX
01.12.2023 - 13:56
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What’s new? Investors in Tiger Global’s largest venture capital fund have recorded unrealized losses of 18% after the managers changed the composition of the portfolio, Bloomberg writes, citing sources. Thus, the fund Private Investment Partners 15 (PIP 15) with assets worth about $13 billion reduced stakes in the popular NFT collection Bored Ape Yacht Club (BAYC) and OpenSea NFT marketplace by 69% and 94% of the original investment amount.
What else is known? Also, PIP 15 reduced stakes in the mail service based on artificial intelligence technology Superhuman and confidential search engine DuckDuckGo by 45% and 72%, respectively. Earlier, Tiger Global itself, which manages $50 billion in assets, fully wrote off its $38 million investments in bankrupt crypto exchange FTX.
In early November, one of the funds of the investment firm Coatue with assets of $7,7 billion also reduced its stake in OpenSea by 90%.
Experts of the analytical platform CryptoRank report that the market share of the OpenSea marketplace has fallen from 95% to 34,3% since November 2021. Its younger competitor Blur, which only appeared in October 2022, currently holds 65% of the market by now.
Analysts write that OpenSea had a first-mover advantage and monopolized the market for a certain period. After it introduced a 2,5% fee for each transaction. In addition, it obliged users to pay royalties to collection creators, which significantly worsened its position.
In turn, Blur offers a user-friendly platform, zero fees, airdrops, and revenue-generating tools with gamification elements, CryptoRank noted. On November 21, the Blur team also launched a profitable network of the second Layer (L2), Blast, based on Ethereum. The project in just five days attracted $500 million, which was a record in this segment. At the same time, analysts reported on the risks of investing in Blast.
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