Sotheby’s Auctions off 3AC’s NFT Collection for $2.5M


Several NFTs belonging to failed crypto hedge fund firm Three Arrows Capital have sold for millions of dollars at auction as part of liquidation proceedings.

Around seven NFTs were sold for a total of around $2.5 million via an auction at Sotheby’s, Reuters reported Saturday. 

The star of the show? “Fidenza #725” — a digital artwork featuring an array of graphic dashes and curves in subdued hues — fetched over $1 million.

The asset, which is still currently under Sotheby’s control, had previously been receiving bids on NFT marketplace OpenSea for about 50 ether (ETH) — worth some $90,000, data shows. On OpenSea, users may bid for unlisted items they wish to own, though it is up to the entity in possession to agree to the bid.

3AC purchased the Fidenza for 135 ETH on July 31, 2021, valued at more than $340,000 at the time. 

Data shows NFT collection CryptoPunks was heavily favored by the firm. 3AC made multiple purchases of CryptoPunks on the same date, totaling $3 million, according to a Dune dashboard.

CryptoPunks is a collection of 10,000 unique pixel art…

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