Home » Three Arrows Capital’s Premium Ethereum NFT Collection Is on the Move

Three Arrows Capital’s Premium Ethereum NFT Collection Is on the Move

by admin

in a nutshell

  • NFTs belonging to Three Arrows Capital’s NFT collecting fund, Starry Night Capital, have been moved to a new wallet.
  • The fund collected hundreds of precious NFTs last year and aims to raise $100 million to invest in NFT artwork and merchandise.

Among the many questions surrounding failed cryptocurrency hedge fund Three Arrows Capital, one concerns its fate. The company’s gorgeous NFT collectionHowever, the answer may be on the horizon as assets are being moved to new wallets.

This is according to a crypto analysis company tweet Nansenwrote it NFTs Belongs to Starry Night Capital, a fund founded in 2021 by Three Arrows Capital and pseudonymous collector Vincent Van Duff new walletIn particular Gnosis safe account.

Gnosis Safe is extremely secure. ethereum A wallet that requires multiple signatures to authorize a transaction. Overall, 383 Ethereum NFTs have been moved to new wallets as of this writing. front wallet It still contains 80 NFTs. Most NFTs were moved last night.

Three Arrows and Vincent Van Dough Announce $100 Million Starry Night Fund August 2021 And continued to squander by acquiring a series of high-value Ethereum assets.The fund was announced to the world after it acquired art block Ringers NFT by artist Dmitri Cherniak is ETH worth $5.66 million.

Other notable NFTs collected by Starry Night Capital include artists. Pepe the Frog Genesis by Matt Furie NFTs ETH worth $3.5 millionand a trio of NFTs from pseudonym artist XCOPY Its price was ETH worth between $1.4 million and $2.3 million.Hold multiple starry nights CryptopunksRare Pepes and other notable collectibles.

It’s unclear if Starry Night ended up raising money and using the full $100 million expected in the fund.a Data Platform Dune Dashboard Starry Night suggests that around $35 million worth of ETH was used, but the list of tracked assets is incomplete. For example, there is no Pepe the Frog NFT.

Additionally, it is difficult to determine the current value of some NFTs. Many are single-edition artwork or part of collections and have little fluidity. Nansen notes that more than 89% of his NFTs are illiquid, although he estimates the collective value of the more liquid assets at 625 ETH, or about $846,000. Many of the assets appear to have been given very low valuations compared to their original respective purchase prices.

Overall, the NFT market has seen significant price declines since its heyday last fall.as a crypto market began to collapse in Maythe estimated price of many “good” NFT assets plummetedSimilarly, the trading volume of the market as a whole is Significant drop in recent monthsHowever, there are still millions of NFTs sold every month, albeit often at low prices.

Three Arrows Capital was one of the most famous cryptocurrency hedge funds until it suddenly collapsed in May. Terra’s LUNA and UST Tokens And a cascading effect to the wider crypto ecosystem. Founders Su Zhu and Kyle Davis condemned the exposure to Terra. staked ethereumand the Grayscale Bitcoin Trust for that trouble.

The company filed for Chapter 15 bankruptcy in June, and in July, the creditor said Three Arrows’ Singapore office was abandoned and its founder was missing.office said Creditors owe $3.5 billion Following its collapse, Zhu reportedly Owns $1.4 billion in stock in an offshore fund that held the company’s assets.

High Court of Singapore Approved further investigation Joined Three Arrows Capital in August.

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