Three Arrows Capital had dreams of a $100 million “Starry Night” fund for NFTs. The only institutional investor, KR1, has now taken a 100% loss on the stake. thesamreynolds reports
shows that in the last three months, the secondary sales market for NFTs has been obliterated compared with when Starry Night was amassing its collection last year.
On Aug. 12, the NFT market had peaked with 746,000 weekly primary NFT sales, according to NonFungible, and approximately 506,000 secondary sales. But those were bull market times. Fast forward to now, and the primary and secondary markets have flipped in prominence. The secondary market is down to around 134,000 weekly sales while the primary market has 60,000. That suggests a grand unloading.
The average value of an NFT is down 68% in the last three months to $628, according to NonFungible’s data tracker. To underscore the data point, former Twitter CEO Jack Dorsey’s $2.9 million first tweet is A date has not been set by the court for a bankruptcy hearing for Three Arrows, according to court documents retrieved by CoinDesk.
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