Three Arrows Capital executives launch an NFT fund

Executives from Singapore-based fund manager Three Arrows Capital (3AC) have launched a fund focused on collecting premium digital art in...



Executives from Singapore-based fund manager Three Arrows Capital (3AC) have launched a fund focused on collecting premium digital art in the form of non-fungible tokens (NFTs).

The fund, called Starry Night Capital, was founded by the CEO of Three Arrows Capital, Su Zhu, 3AC co-founder Kyle Davies, and NFT pseudonymous collector Vincent Van Dough.

Van Dough announced the fund via an August 31 tweet, declaring: “Our thesis is simple, we think that the best way to expose oneself to the change of cultural paradigm inaugurated by the NFT is to have the best pieces of the most sought after ensembles.”

Zhu shared the tweet, add: “Happy to make history together.”

3AC is a digital asset-focused fund manager that was founded in 2012. The company has invested in leading blockchains including Ethereum, Avalanche and Polkadot, in addition to creating a vast DeFi Wallet including the blueships Aave, Synthetix and Balancer.

While details on the new fund’s roadmap are scarce at this point, Van Dough revealed that Starry Night Capital hopes to launch a physical gallery “in a big city”, launch an NFT educational portal and explore other “initiatives. Community Building ”at the end of the year. He added:

“The NFT space is not a zero-sum game, it is driven by powerful flywheel effects and works best as the pie grows for all.”

Zhu, Davies and Van Dough appear to have already teamed up to buy non-fungible artwork together.

On August 27, an NFT enthusiast “pixelpete” tweeted that he had sold his unique NFT art blocks of Dmitri Cherniak’s work, Goose ringing, to Zhu and Davies in a deal negotiated by Van Dough. The NFT is from the Cherniak collection, Ringtones – each of which has been algorithmically generated on the Ethereum blockchain.

The pair paid 1,800 Ether for the token (around $ 5.8 million). However, it is not clear whether Starry Night Capital will take possession of the artwork.

Van Dough’s wallet on the OpenSea Market also shows an impressive collection of 1,913 NFTs, including works by famous NFT artist Pplpleasr.

Related: Su Zhu, CEO of Three Arrows Capital, presents his bullish thesis for Dogecoin

Community reaction to the fund’s launch on Twitter has been overwhelmingly positive, with names like Ryan Wyatt, head of games at Youtube and Bankless founder David Hoffman congratulating the team.

However, user “Edgar Dubroviskiy” questioned the idea of ​​buying only the “top coins” in the NFT space, pointing to the high expenses and low liquidity of premium NFTs.