NFTs associated with 3AC have been moved to new address- Details inside
Blockchain analytics firm Nansen reported that more than 300 NFTs associated with the defunct crypto hedge fund Three Arrows Capital (3AC), have been moved into a new address.
Starry Night Capital, the fund launched by 3AC founders to look after the digital art front of their business, transferred several high-profile NFT collections from an address linked to the fund to a Gnosis Safe address.
Gnosis Safe is a multi-signature smart contract wallet that allows users to have complete self-custody over funds and digital assets.
The NFTs in question were originally acquired for prices that ranged from $1 million to $3.5 million. Pepe the Frog NFT Genesis, bought for 1000 ETH in 2021 and worth roughly $3.5 million at the time, is the most expensive NFT involved in this sudden transfer.
Other transferred NFTs include Fidenza #718, bought for 240 ETH ($1.1M) on 13 November 2021, XCOPY DANKRUPT acquired for 469 ETH ($2.0M) on 24 October 2021, XCOPY DECAY acquired for 345.69 ETH ($1.4M) on 5 December 2021.
The more modest NFTs involved in the transfer include CrypToadz #54 bought for 25 ETH ($84.6K) on 3 October 2021 and Pudgy Penguin #6869 bought for 16.9 ETH ($52.3K) on 8 January 2022.
As per data from Nansen, the portfolio of this once high-profile collection is now estimated to be around 625 ETH. The majority of the NFTs have low liquidity.
Starry Night Capital was the brainchild of 3AC CEO Su Zhu, co-founder Kyle Davies and NFT collector Vincent Van Dough. The fund started with a $100 million capital for investing exclusively in the NFT space, with the aim of acquiring “the most desired” NFTs available at the time.
Data from Dune Analytics showed that 3AC spent more than $35 million during its NFT shopping spree from mid to late
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