Last Updated on October 5, 2022 by Bitfinsider

According to Nansen.ai, Starry Night Capital, a fund funded by the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), transferred their non-fungible tokens (NFT) to the smart contract wallet Gnosis Safe.

Following the initial NFT boom, the failed Singapore-based company established Starry Night in August 2021 to serve as an investing arm for digital collectibles. According to the fund’s now-defunct Twitter account, it collaborated with well-known NFT collector Vincent Van Dough to compile “the world’s finest collection of CryptoArt.” The webpage for the fund has subsequently been taken down.

With the target of raising $100 million, Three Arrows’ NFT wallets originally snatched up assets from well-known collections like CryptoPunks and made investments in multimillion-dollar works of art by artists like Dmitri Cherniak. The business also intended to open a physical gallery and an instructional platform for NFT.

According to CoinMetrics analyst Kyle Waters, Starry Night Capital ultimately put its complete collection of 70 works onto NFT marketplace SuperRare before its June 2022 liquidation order. It was reported to have cost more than $21 million to assemble the collection at the time.

Pepe the Frog NFT Genesis, which sold in October 2021 for approximately $3.5 million, and the Fidenza, which sold in November 2021 for approximately $1.1 million, as well as several CryptoArt NFTs by XCOPY, which sold at various points last year for approximately $5.5 million, are among the NFTs that had previously been gathered by Starry Night and have since been transferred to a Gnosis Safe address, according to Nansen.ai.

Given that the smart contract digital asset management platform requires multiple signatures to move assets, which means that many team members must authorize each transaction for it to be carried out, the transfer of these assets into a Gnosis Safe is significant. This approach is useful for businesses that may have numerous owners of a digital portfolio since it prevents one person from fleeing with the money there.

Teneo, the hedge fund’s liquidator, said: “In an effort to preserve as much capital as possible, Vincent Van Dough has offered to assist with the eventual sale of all 3AC NFTs and will likely be working with us to oversee the disposal of these assets.”