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- Three Arrows Capital filed for bankruptcy.
- 3AC is expected to raise $100 Million in funds.
- The NFT market is not looking good amid the crypto winter.
3AC’s NFT Fund Didn’t Live Upto The Mark
Voyager went bankrupt after failing to pay its debt to Three Arrows Capital. 3AC followed the trail and filed for insolvency recently. This affected Three Arrows Capital NFT Fund, Starry Night, as it is worth $4.16 Million at the time of writing. This fund was created to raise $100 million at some point, but things have turned upside down now.
It is like Voyager saying, “If I am going down, I am taking you with me.” The organization took a loan worth $665 Million but failed to pay. 3AC granted $315 Million worth of Bitcoin and $350 Million worth of USDC. The situation underscored the gravity of the crypto market turmoil.
Three Arrows Capital joined forces with Vincent Van Gough, a painter, to create Starry Night Fund. But due to unfortunate events, it failed to live upto the mark. They spent a sum of $21 Million for the creation, but it went down by over 5X. The NFT fund is now transferred to SuperRare in a different wallet.
NFT Sector Update
The NFT market has been going through heavy turbulence created by the wild crypto market. The trade volume of the Bored Ape NFT collection was down by 30.85% with a floor price of $115.78K. Its other deed metaverse NFTs was down-trending by 68.58%. MAYC was down by 48.3%. Goblintown NFTs were bearish by 81.33%.
It appears like crypto winter is here to stay for a while. This means the surrounding markets will get influenced too. Bitcoin and Ethereum, leading cryptocurrencies were still shedding their dominance on the market. But both the assets are witnessing dark clouds over their ecosystems.
NFTs are considered cousin sisters of cryptocurrencies, but they cannot be exchanged with each other. Anything we can think of digitally can be considered an NFT. These tokens can be traded on NFT marketplaces such as OpenSea, where folks can mint and sell them.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
