OpenSea, the popular NFT marketplace which hit a $13 billion valuation at the height of NFT mania last year, is now being valued at just $3 billion by one of its biggest investors.

The markdown represents the latest setback for OpenSea, which has been grappling with plummeting NFT sales on its platform and a surge in competition from rival platform Blur.

DL News’ estimation of OpenSea’s valuation is based on a December report from Tiger Global. The report shows the venture firm, which focuses on tech, has marked down its OpenSea equity from $126.8 million to $30.2 million — a 76% drawdown. Tiger Global invested in OpenSea’s $300 million Series C round announced in January 2022.