During a grand event, a recent Sotheby’s NFT auction obtained a whopping $2,482,850, selling several rare assets from the defunct cryptocurrency hedge fund, Three Arrows Capital (3AC) — recovering a significant portion of funds lost in the bankruptcy.
Sotheby’s auction initiated the sale of high-value NFTs from the iconic Grails collection. These collectibles were initially acquired as a significant part of 3AC’s digital asset portfolio during the peak of non-fungible tokens in 2021. However, they did not prevent the Singapore-based hedge fund from unveiling its debt default in July of the same year.
Sotheby’s 3AC NFT Auction
The liquidator behind 3AC, Teneo, publicly announced plans to auction a vast amount of its NFTs in February, valuing the pieces to hit more than six figures as a result of containing “some of the most crucial digital art pieces ever created”: Tyler Hobbs’ Fidenza #725, Dmitri Cherniak’s Ringers #375, Larva Labs’ Autoglyph #187, CryptoPunk #1326, among others.
“This meticulously selected collection showcases the works of four leading…