Fund Management Firm Three Arrows Capital Introduces A Non-Fungible Tokens Fund

The executives from Three-Arrows-Capital (a fund management company based in Singapore) have released a fund that would aim at gathering premium-digital-art as NFTs (nonfungible tokens). The name of the fund is Starry-Night-Capital, and its developers include Su Zhu (the CEO of Three-Arrows-Capital), Kyle Davies (the co-founder of the firm), and Vincent-Van-Dough (a pseudonymous collector of NFTs). Van Dough announced the fund’s launch through a tweet on 31st August, saying that the mission of the developers is straightforward to acquire more experience of the new shift of cultural paradigm which has been brought by NFTs.

Zhu tweeted to share the excitement by expressing that history is going to be made by this launch. 3AC (Three-Arrows-Capital) is a fund manager for digital assets, which was launched in 2012. The organization has invested in prominent blockchains which are layer-one-based such as Polkadot, Avalanche, and Ethereum. It has also built a very costly portfolio of decentralized finance comprising Balancer, Synthetix, Aave.

Although the minute details about the roadmap of the fund are not informed currently, Van Dough described that the goal of Starry-Night-Capital is to introduce a real gallery to be situated in a prominent city, release a portal for NFT education, and discover other initiatives regarding community development by this year’s end. He mentioned that NFT does not relate to a zero-sum business. A strong flywheel drives it, and it operates the best as soon as everyone gets his chance. Zhu, Van Dough, and Davies seem to have joined together previously for buying nonfungible art.

On 27th August, pixelpete (an NFT enthusiast) tweeted to have had sold an NFT of one among his Art Blocks named Goose Ringer (an artwork of Dmitri Cherniak)to Davies and Zhu via a transaction brokered by Van Dough. Both of them paid up to 1,800 Ether in return for the token (nearly $5.8M). Nonetheless, it is ambiguous whether Starry-Night-Capital will own that artwork. There is also an impressive store of about 1,913 NFTs on the wallet of Van Dough, which includes the work from Pplpleasr (a well-known NFT artist).

The response of the community for the launch of the fund was generally positive on Twitter. The prominent personalities that reacted include David Hoffman (the founder of Bankless) and Ryan Wyatt (YouTube’s gaming head), who congratulated the developers. Nevertheless, Edgar Dubroviskiy (a user) asked the reason behind buying only the prominent pieces across the NFT world.