Three Arrows Capital’s premium Starry Night Capital NFT Ethereum is moving

In August 2021, Three Arrows Capital and Vincent Van Dough announced a $100 million Starry Night fund and acquired many high-value NFT Ethereum assets. Currently, NFTs in this fund is being transferred to a new wallet called Gnosis Safe. Gnosis Safe is a highly secure Ethereum wallet that requires multiple signatures to approve transactions. According to crypto analytics firm Nansen, 383 Ethereum NFTs have been moved to the new wallet. Most of the NFTs were moved on the night of October 4, while this wallet previously contained only 80 NFTs.

(Image: Starry Night‘s Twitter ）

The fund is announced to the world following the acquisition of NFT Art Blocks Ringers from artist Dmitri Cherniak for $5.66 million worth of ETH. Other notable NFTs collected by Starry Night Capital include NFTs by artist Matt Furie’s Pepe the Frog Genesis, XCOPY, CryptoPunks, Rare Pepes, and more.

(Image: NFT Art Blocks Ringers, Dmitri Cherniak）

However, it is difficult to determine the current value on some NFTs, as they are single-edition works of art or part of illiquid collections. Nansen pegged the collective value of more liquid assets over 625 ETH (about $846,000). Many properties appear to have been undervalued relative to their respective original purchase prices.

Since the beginning of this year, especially since May, the NFT market has dropped dramatically in value and volume since its heyday last fall. As the crypto market began to crash in May, the estimated prices of many blue chip NFT assets plummeted. Three Arrows Capital has filed for bankruptcy since June. And founder Zhu is said to be holding a $1.4 billion stake in an offshore fund that holds the company’s assets. Singapore’s high court approved a further investigation into Three Arrows Capital in August.

(Image: Three Arrows Capital）