Three Arrows Capital launches NFT-focused fund

Based in Singapore, Three Arrows Capital (3AC) has launched Starry Night Capital, an NFT-focused fund. This was disclosed by the NFT collector under the pseudonym Vincent Van Dough.

Excited to be working together with @zhusu and @kyled116 from 3AC to launch @StarryNight_Cap, a NFT fund.

Our thesis is simple, we believe the best way to gain exposure to the cultural paradigm shift being ushered in by NFTs is owning the top pieces from the most desired sets.

— VincentVanDough (@Vince_Van_Dough) August 30, 2021

The fund was created by Vincent Van Dough, Three Arrows Capital CEO Su Zhu and co-founder Kyle Davies.

“Our thesis is simple: we believe that the best way to get acquainted with the cultural paradigm shift opened by NFS is to own the best pieces from the most desirable sets,” wrote the collector.

According to him, Starry Night Capital will also launch an educational portal, explore ways to promote emerging artists and open a gallery “in a major city” by the end of the year.

Earlier the venture fund Three Arrows Capital bought NFT Ringers #879 for 1800 ETH (about $5.8 million at the time of the deal). The artist Dmitri Cherniak released a collection on the generative-art platform Art Blocks seven months ago.

At the time of writing, 1800 ETH — maximum amount, spent on an Art Blocks piece. The previous record — 1000 ETH for the NFT Fidenza #313 by Tyler Hobbs.

Following reports of Starry Night Capital’s creation, a Twitter user drew attention to an address allegedly linked to Alameda Research. He claims that Sam Bankman-Fried’s company purchased Art Blocks NFTs, including Ringer, Fidenza and Subscape, for 614 ETH (over $2 million at the time of writing).

Alameda just bought the 326 ETH Fidenza, 220 ETH Ringer, and 68 ETH Subscape.

0x84d34f4f83a87596cd3fb6887cff8f17bf5a7b83@nansen_ai

— JPicL (@JPicL) August 30, 2021

According to the NFT marketplace OpenSea, the address cited in the tweet owns 41 non-fungible tokens. Among them are 11 CryptoPunks. This is confirmed by Larva Labs data.

As of writing, Alameda Research has not commented on this information. Representatives did not respond to ForkLog’s request.

In August, the payments giant Visa purchased the NFT CryptoPunk for $150,000 and sparked a frenzy around the project. Within an hour, the Larva Labs team sold more than 60 tokens from the collection. Each of them was worth more than $200,000.

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