As the anniversary of Three Arrows Capital’s (3AC) bankruptcy approaches, 7 of the crypto investment fund’s NFTs were auctioned by Sotheby’s on Friday. In total, this sale brought in $2,482,850.
Sotheby’s Auctions Three Arrows Capital NFTs
It has been almost a year now since the investment fund Three Arrows Capital (3AC) went bankrupt following the collapse of Terra (LUNA) and several financial difficulties that had accumulated.
Among the fund’s holdings, there are in particular a large collection of non-fungible tokens (NFTs) named GRAILS. Last month, the auction house Sotheby’s announced that this collection was going to be put up for sale.
On the occasion of the announcement, Michael Bouhanna, head of digital art and NFT at Sotheby’s, pointed out the rarity of certain pieces gathered by Three Arrows Capital:
“Collections are often representative of the time and place from which they were formed, telling a unique story through their works. This expansive collection marks an important moment in the rise of generative art on the blockchain in 2021, and has been guided by 3AC’s philosophy of acquiring some of the richest and rarest work available on the market. »
Thus, a first series of auctions closed on Friday. This saw the sale of 7 lots, which generated a total of $2,482,850.
👉 To go further — Find our guide on non-fungible tokens (NFT)
Buy NFTs on Binance
Check out Binance’s NFT Marketplace?
🎧 Listen to this article and all other crypto news on Spotify
Details of the works
Interestingly, all works sold above their estimate, and the most representative example is Fidenza #275 by Tyler Hoobs. Indeed, this unique copy of a series of 999 units of this generative art collection was initially estimated in the range of 120,000 to 180,000 dollars, and the NFT eventually sold for over a million dollars.
This first batch also contained an Autoglyph from the Larva Labs studio, which sold for over $570,000. Furthermore, we can also note the presence of a CryptoPunk sold for $165,000while the collection’s floor price is just under $90,000 at the time of this writing.
|Work||Artist/Studio||Selling price (dollars)|
|Autoglyph #187||Larva Labs||571,500|
|Series 1: Angular – Token 134||xDEAFBEED||241,300|
|CryptoPunk #1326||Larva Labs / Yuga Labs since 2022||165 100|
|Ringers #194||Dmitry Chernyak||152,400|
|Ringers #375||Dmitry Chernyak||95,250|
Details of works sold at auction
Of course, cryptocurrencies were accepted as a means of payment for this auction. After the recent opening of its NFT markeplace, Sotheby’s demonstrates once again that the traditional players in the art world have indeed grasped the challenges of Web3 in their industry.
👉 Also in the news — TradingView integrates Binance services for cryptocurrency trading
Our service dedicated to cryptocurrency investors. Get real-time analytics and optimize your crypto portfolio.
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.