3AC to Liquidate NFT Portfolio Purportedly Excluding 'Starry Night Portfolio'
Despite a number of works that were part of the original curation by well-known NFT collector Vincent Van Dough being featured on the firm’s “green” or sale list.
Ordered to liquidate in June of 2022, the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC) will soon see the sale of its most valued NFT assets.
The liquidation of the assets is said to take place within 28 days of the writing of this article or after March 23, according to an announcement from Teneo, the public relations and advisory company overseeing the sale.
8) Starry Night, the NFT fund by failed #3AC and curated by @Vince_Van_Dough, is expected to begin liquidation within the next 23 days. pic.twitter.com/OfGoeunItG
— Hypemoon (@Hypemoon) February 27, 2023
Assets soon to be up for sale include a mix of fine art NFTs as well as more meme-centric tokens, including a large variety of Pepe-themed works. The collection, titled Starry Night and curated by Vince Van Dough includes works from Tyler Hobbs, Dmitri Cherniak, Snowfro, Matt Furie, XCOPY, Grant Yun, and many other talented artists.
In August 2021, 3AC launched Starry Night Capital, a fund focused on accruing a war chest of high-value NFTs that came to define the collectible bull market. pic.twitter.com/ctpIlJxWVz
— (GALLERY) (@GALLERY) July 21, 2022
While Teneo has said that “the Sale does not relate to the list of NFTs informally referred to as the ‘Starry Night Portfolio’” — there are still a large number of works from the above artists included in the “green table” or list of NFTs slated to be sold.
Others works are said to be “presently subject to an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands.”
Funds raised by the sale of these NFTs will go towards paying back the defunct firm’s 27 creditors, to which it owes a total of over $3.5 billion USD. As of now, there has been little detail shared on how the sale will take place and how interested parties can participate — though Teneo has published a broader liquidation site with contact addresses.
Collectors are eager to see how the provenance of the events will play into the value of the works, which will likely be sold in an auction format to realise the highest prices possible.
In other news, Yuga Labs experiments with Ordinals BTC NFT collection.
