3AC’s Rare NFT Collection Successfully Auctions Revenue Is $2.4M
- On Friday, Sotheby’s closed an auction of several rare NFTs seized from the massive collection of bankrupt crypto hedge fund Three Arrows Capital (3AC).
- The bankrupt crypto hedge fund’s rare NFT collection raised $2.4 million to compensate for some lost funds.
Sotheby’s closed an auction of some rare NFTs seized from the massive collection of bankrupt crypto hedge fund Three Arrows Capital (3AC) this Friday, raising $2,482,850 to fund compensate for some lost money.
Sotheby’s called the contents of the Grails collection “one of the most important pieces of digital art ever created.” The NFTs in this round of auction block include creative artworks such as Fidenza #725 by Tyler Hobbs and Ringers #375 by Dmitri Cherniak. Autoglyph #187 and CryptoPunk #1326 by Larva Labs are also included in this auction.
The most expensive NFTs in the Grails Part 1 Series are Fidenza #725, estimated at $120,000-$180,000, and Autoglyph #187, estimated at $120,000-$180,000. NFTs sold for $1,016,000 and $571,500, respectively.
As a tokenized VC entering the NFT sector, Three Arrows Capital used its own funds to purchase many popular NFTs. With the bankruptcy and liquidation of Three Arrows Capital, the NFT held by it was taken over by Teneo, the liquidator in charge of the institution’s bankruptcy proceedings, last year and announced on February 22 of this year that they would sell some of their NFT assets. Teneo chose Sotheby’s for auction because the platform maximizes the value of these assets on behalf of all creditors.
On April 20, auction house Sotheby’s officially announced that it would be kicking off the auction of its digital collection “GRAILS: Assets from the Iconic Digital Art Collection” on April 20. May 19. This portion of the NFT came from the bankrupt crypto hedge fund Three Arrows Capital, and the assets held by the NFT fund Starry Night Capital are not covered by this liquidation.
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