Starry Night Capital, a firm funded by the defunct crypto hedge fund Three Arrows Capital, transferred their non-fungible tokens (NFT) to the smart contract wallet Gnosis Safe — according to Nansen.ai.
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 firm’s abandoned 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 firm has subsequently been taken down.
In order to raise $100 million, Three Arrows’ NFT wallets first snatched up some assets from well-known collections such as CryptoPunks and made investments in multimillion-dollar works of art by artists like Dmitri Cherniak. The firm also intended to open a physical gallery and an educational platform for NFT.
CoinMetrics analyst Kyle Waters reported that Starry Night Capital eventually transferred its whole collection of 70 pieces to NFT marketplace SuperRare before its liquidation order on June 2022. It was reported to have cost over $21 million to assemble the collection at the time.
Among the NFTs that had previously been gathered by Starry Night and have since been transferred to a Gnosis Safe address are the Pepe the Frog NFT Genesis (sold in October 2021 for approximately $3.5 million), the Fidenza (sold in November 2021 for roughly $1.1 million), and several XCOPY’s CryptoArt NFTs (sold at various points last year for roughly $5.5 million).
Considering that the smart contract digital asset management platform involves multiple signatures to relocate commodities, this means that many team members must authorize each transaction for it to be carried out — making the transfer of these assets into a Gnosis Safe all the more significant.
The method above is beneficial for businesses that may have numerous owners of a digital portfolio since it prevents one person from fleeing with the capital within.