{"id":332663,"date":"2021-08-31T09:07:12","date_gmt":"2021-08-31T06:07:12","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/three-arrows-capital-execs-launch-nft-fund\/"},"modified":"2021-08-31T09:07:12","modified_gmt":"2021-08-31T06:07:12","slug":"three-arrows-capital-execs-launch-nft-fund","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/three-arrows-capital-execs-launch-nft-fund\/","title":{"rendered":"# Three Arrows Capital execs launch NFT fund"},"content":{"rendered":"

“# Three Arrows Capital execs launch NFT fund <\/strong>”
\n<\/p>\n

Executives hailing from Singapore-based fund manager, Three Arrows Capital (3AC), have launched a fund focused on collecting premium digital art in the form of nonfungible tokens (NFTs).<\/p>\n

The fund, dubbed Starry Night Capital, was founded by Three Arrows Capital\u2019s CEO, Su Zhu, 3AC co-founder, Kyle Davies, and the pseudonymous NFT collector, Vincent Van Dough.<\/p>\n

Van Dough announced the fund via an Aug. 31 tweet, stating<\/a>: \u201cOur 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.\u201d<\/p>\n

Zhu shared the tweet, adding<\/a>: \u201cExcited to make history together.\u201d<\/p>\n

3AC is a digital asset-focussed fund manager that was founded in 2012. The firm has made investments in leading layer-one blockchains including Ethereum, Avalanche, and Polkadot, in addition to building an expansive DeFi portfolio including blueships Aave, Synthetix, and Balancer. <\/p>\n

While details on the new fund\u2019s roadmap are sparse at this stage, Van Dough revealed that Starry Night Capital hopes to launch a physical gallery \u201cin a major city,\u201d launch an NFT education portal, and explore other \u201ccommunity-building initiatives” by the end of the year. He added:<\/p>\n

\u201cThe NFT space is not a zero-sum game<\/a>, it is driven by strong flywheel effects and functions best when the pie is growing for all.\u201d<\/p><\/blockquote>\n

Zhu, Davies, and Van Dough app<\/a>ear to have already teamed up to purchase nonfungible art together.<\/p>\n

On Aug. 27, NFT enthusiast \u201cpixelpete\u201d tweeted<\/a> that he had sold his one-of-a-kind Art Blocks NFT of Dmitri Cherniak\u2019s artwork, Goose Ringer<\/em>, to Zhu and Davies in a transaction that Van Dough brokered. The NFT is from Cherniak\u2019s collection, Ringers<\/em> \u2014 each of which was generated algorithmically on the Ethereum blockchain. <\/p>\n

The pair paid 1,800<\/a> Ether for the token (roughly $5.8 million). However, it is unclear if Starry Night Capital will take possession of the artwork.<\/p>\n

Van Dough\u2019s wallet<\/a> on the OpenSea marketplace also shows an impressive collection of 1,913 NFTs, including work from renowned NFT artist Pplpleasr.<\/p>\n

Related: Three Arrows Capital CEO Su Zhu outlines his bullish thesis for Dogecoin<\/em><\/strong><\/p>\n

The community reaction to the fund\u2019s launch on Twitter<\/a> was mostly positive, with names such as Ryan Wyatt, the head of gaming at Youtube and Bankless founder David Hoffman congratulating the team.<\/p>\n

However, user \u201cEdgar Dubroviskiy\u201d questioned the idea of purchasing only the \u201ctop pieces\u201d in the NFT space, highlighting the high expense and poor liquidity of premium NFTs.<\/p>\n

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Wow! Out of interest: wouldn’t “owning the top pieces from the most desired sets” mean buying the very top at the very top – so it will cost A LOT to be a part of + low liquidity and\/or high premiums if we talking fractionalised (currently these at like 10x to the actual floor).<\/p>\n

\u2014 Edgar Dubrovskiy (@Edgar_DOP) August 30, 2021<\/a><\/p><\/blockquote>\n