Starry Night Capital moves to a new ETH wallet
Starry Night Capital is backed by Three Arrows Capital and it a NFT investment fund. The Starry Nights NFT collection is a collection created in collaboration with Vincent Van Dough with NFTs that were very high priced.
The Starry Night fund was focused on “Assembling the world’s finest collection of NFTs”
The fund had a goal of raising $100 million at the time of its inception. The project focused only on high profile pieces with the first high-profile acquisition being an Art Blocks NFT form Dmitri Cherniak Ringers Collection that sold for $5.66 million, closely followed by a $3.3 million sale for Tyler Hobb’s Fidenza project.
The Starry Night Capital collection had many other high-profile, high-priced pieces that have left many questioning their future after the fall of Three Arrows and its insolvency.
It would appear that now the assets are being moved. In a tweet from Nansen– a blockchain analytics company that is focused on the retail investor, it would seem a fund created by Three Arrow and Vincent Van Dough is currently being moved to a new wallet- a Gnosis Safe account.
This involves the assets being kept in an ultra secure location, one which requires the use of multiple signatures for transactions to even go through. So far there have been a total of 383 ETH NFTs moved to the new location.
The collaboration between Three Arrows and Vincent Van Dough was one of elaborate spending and owning of high-value assets. The $100 million goal has not been clarified as to whether it was reached and spent but Dune analytics and the information provided there suggests that there has been at least $35 million spent.
The information is not complete as there are some items that are missing from the data. The value of these items is also incomplete as some of the pieces are singles and the value of crypto has changed so drastically over the course of this year. Many of the NFTs have very low liquidity as well. The NFT market as a whole has seen significant drops in the value of all assets including “blue chip” projects such as Bored Apes, which have also seen sharp declines.
The fall of Terra’s LUNA and UST took a toll on Three Arrows which is currently in shambles after the collapse. The founders of Three Arrows have blamed staked Ethereum, the Grayscale Bitcoin Trust, and Terra for all of the issues that have been faced by the company. The same founders were claimed to have been missing since July when creditors said they were no longer in Singapore and could not be found.