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Three Arrows-Backed ‘Starry Night’ NFT Collection Moved to Gnosis Safe

BlockNews Team by BlockNews Team
October 6, 2022
in Business, Media, NFT
Reading Time: 3 mins read
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A bankrupt cryptocurrency hedge fund that once aimed to raise $100 million in NFTs is now worth less than $1 million. Starry Night Capital is backed by failed cryptocurrency hedge fund Three Arrows Capital. It has moved its non-fungible tokens (NFTs) to the smart contract wallet Gnosis Safe.

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pic.twitter.com/znsg11HFZR

— Three Arrows Capital (@3arrowscap) July 22, 2022
Via @3arrowcap – Twitter

Summary

  • Three Arrows Capital’s omnibus NFT fund, Starry Night Capital’s NFTs, have been moved to a new wallet.
  • The fund raised hundreds of valuable NFTs, intending to raise $100 million to invest in NFT artwork and collectibles.
  • The failure of Three Arrows Capital is associated with a lavish NFT collection. The answer may be uncertain as assets are being moved to new wallets.

Starry Night NFT Fund Dream 

Starry Night was launched in August 2021 by a Singapore-based company. The company was destined to serve as the digital collectibles’ investment arm following the early NFT boom. The fund partnered with notable NFT collector Vincent Van Dough. The aim was to amass the world’s most outstanding collection of Crypto Art.

CoinDesk last year invested millions of dollars in artwork by artists such as Dmitri Cherniak. The goal was to raise $100 million. The Three Arrows NFT wallet initially amassed assets from popular collections such as CryptoPunks. The company was planning to launch its NFT educational portal and physical gallery.

According to Kyle Waters, Starry Night Capital eventually moved its entire collection of 70 works to NFT marketplace SuperRare ahead of its June 2022 liquidation order.

NFTs previously collected by Starry Night have been moved to Gnosis Safe addresses. This includes Pepe the Frog NFT Genesis, which sold for around $3.5 million in October 2021, and Fidenza, which sold for about $1.1 million in November 2021. Several of XCOPY’s Crypto Art NFTs sold for around $5.5 million in several locations last year.

Three Arrows Capital was one of the most prominent crypto hedge funds until it suddenly collapsed in May. This is after the rapid decline of Terra’s LUNA, UST tokens, and cascading effects on the broader crypto ecosystem. Founders Su Zhu and Kyle Davies have accused Terra, Ethereum staking, and Grayscale of having problems with his Bitcoin trust.

Was Moving Assets to Gnosis Vault Necessary? 

Moving these assets to the Gnosis vault is essential. Smart contract digital asset management platforms require multiple signatures to transfer assets. This means that numerous team members must approve and execute each transaction. This method is helpful for companies that may have various owners of their digital portfolios. This prevents any single party from taking away their funds.

According to CoinDesk’s Sam Reynolds, ranking every NFT in Starry Night Safe is difficult. This is because different grading tools use other metrics for their estimates. According to Nansen.ai, NFT’s portfolio is worth 625 Ether (ETH), $846,431. About 89% of his NFTs in the collection were found to be illiquid, with less than 35 sales in the last seven days.

The NFT market has fallen significantly in value since its heyday. As the cryptocurrency market began to collapse in May, the estimated prices of many “good” NFT assets plummeted. While the overall market volume has dropped significantly in recent months, millions of NFTs are sold each month. The prices are often lower.

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