One Of The Most Expensive Three Arrows Capital NFTs To Be Liquidated - Blockworks

One Of The Most Expensive Three Arrows Capital NFTs To Be Liquidated – Blockworks

By Shalini Nagarajan / October 6, 2022, 6: 40 am EDT

  • 3AC’s Starry Night Capital fund invested over $35 million on NFTs in 2021
  • Analytics company Nansen fixes the present profile worth of the antiques at some $860,000

Starry Night Capital, the mutual fund concentrated on NFTs possessed by Three Arrows Capital’s (3AC) owners, has actually relocated greater than 300 electronic antiques coming from the now-bankrupt company.

Teneo, the liquidator behind 3AC’s insolvency process, claimed on Tuesday that every one of the NFTs “have actually been represented as well as remain in our ownership or are being moved to us.”

Starry Night was increased by 3AC as well as pseudonymous capitalist Vincent Van Dough last summertime with the purpose to gather costs NFTs. Information from a Dune Analytics control panel recommends the fund invested some $35 million on NFTs in 2014.

But the collection’s worth decreased to $4.2 million by July after the chaos in crypto markets. Analytics strong Nansen approximates that worth currently stands at 625 ETH (~$861,500 since press time).

3AC itself was gotten right into liquidation in late June. The long-serving crypto bush fund company had actually dealt with many margin calls throughout the crypto ecological community adhering to the collapse of Terra.

3AC had substantial direct exposure to its indigenous mathematical stablecoin UST as it depegged from the United States buck, costing it virtually $200 million, according to founder Kyle Davies.

Three Arrows Capital fund invested $10 M in ether ahead 5 NFTs

Much of Starry Night Capital’s NFT profile will certainly currently be valued listed below their last acquisition rate, because ether has actually gone down over 60%, however Teneo is still most likely to recuperate millions from their liquidation.

All buck worths stand for price sometimes of profession (photos sourced from OpenSea).

Pepe the Frog NFT Genesis
Artist: Matt Furie

Sold for: 1,001 ETH ($ 3.5 million) on Oct. 5, 2021

Three Arrows Capital NFTs

Some Other Asshole
Artist: XCOPY