Executives hailing from Singapore-based fund manager Three Arrows Upper-case letter (3AC) have launched a fund focused on collecting premium digital fine art in the course of nonfungible tokens (NFT).

The fund, dubbed Starry Night Capital, was founded past Iii Arrows Capital CEO Su Zhu, 3AC co-founder Kyle Davies, and pseudonymous NFT collector Vincent Van Dough.

Van Dough announced the fund via a tweet on Tuesday, stating, "Our thesis is simple, we believe the all-time way to gain exposure to the cultural paradigm shift being ushered in by NFTs is owning the summit pieces from the most desired sets."

Zhu shared the tweet, adding, "Excited to make history together."

3AC is a digital asset-focussed fund manager that was founded in 2022. The house has fabricated investments in leading layer-i blockchains, including Ethereum, Avalanche and Polkadot, in addition to edifice an expansive decentralized finance portfolio, including blueish chips Aave, Synthetix and Balancer.

While details on the new fund's roadmap are sparse at this stage, Van Dough revealed that Starry Nighttime Majuscule hopes to launch a physical gallery "in a major city," launch an NFT education portal, and explore other "community-edifice initiatives'" by the end of the year. They added:

"The NFT space is non a zero-sum game, it is driven by stiff flywheel effects and functions best when the pie is growing for all."

Zhu, Davies and Van Dough announced to have already teamed upward to buy nonfungible art together.

On Friday, NFT enthusiast Pixelpete tweeted that he had sold his 1-of-a-kind Art Blocks NFT of Dmitri Cherniak's artwork "Goose Ringer" to Zhu and Davies in a transaction that Van Dough brokered. The NFT is from Cherniak'southward collection "Ringers" — each of which was generated algorithmically on the Ethereum blockchain.

The pair paid ane,800 Ether (ETH) for the token (roughly $v.8 one thousand thousand). Withal, it is unclear whether Starry Night Capital volition take possession of the artwork.

Van Dough'southward wallet on the OpenSea marketplace also shows an impressive collection of one,913 NFTs, including work from renowned NFT artist Pplpleasr.

Related: Three Arrows Capital CEO Su Zhu outlines his bullish thesis for Dogecoin

The community's reaction to the fund'south launch on Twitter was mostly positive, with names such as Ryan Wyatt, head of gaming at YouTube, and Bankless founder David Hoffman congratulating the team.

However, Twitter user Edgar Dubroviskiy questioned the idea of purchasing only the "tiptop pieces" in the NFT space, highlighting the high expense and poor liquidity of premium NFTs.