Liquidators have seized control of a large NFT portfolio amassed by a fragile crypto hedge fund, Three Arrows Capital. Therefore, we are preparing the market for a massive NFT fire sale as managers seek to meet some of their company’s financial obligations.
Last year, Three Arrows $100 million NFT collection. as a result,’City of the Starry NightFunds to handle irreplaceable business. Through this effort, the project spent an estimated $35 million on a series of high-profile NFTs, all of which fell off the wheels of his Three Arrows, leaving the company with his staggering $3.5 billion in debt. I was.
At the beginning of the week, the data analytics platform, Nansenreported that the NFT was mobilized, together with the clearing company, Teneo, later revealed that it managed and accounted for the associated assets. In addition, he enlists the help of NFT collector Vincent Van Dough, who previously worked with the Starry Night Foundation.
NFTs previously collected by Starry Night Capital have been moved to Gnosis Safe addresses.
These NFTs include:
– Pepe the Frog NFT Genesis, sold for 1,000 ETH (~$3.5 million) on October 5, 2021
– Fidenza #718, sold for 240 ETH (~$1.1M) on Nov 13, 2021
Some of the other notable NFTs below 👇 pic.twitter.com/8PU13CqMnn
— Nansen 🧭 (@nansen_ai) October 4, 2022
from now on, Teneo begins selling NFTs To recoup some of the Three Arrows’ huge debts. However, due to current market conditions, Nansen’s valuation has been underestimated at an estimated $846,000, meaning the company may only be able to raise a fraction of the initial investment.
Due to current market conditions, accurately pricing one NFT artwork is still an imprecise science.
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