Spencer Ventures plan to buy 144 Pudgy Penguin NFTs from 3AC

Key Points:

• Spencer Ventures is acquiring 144 Pudgy Penguin NFTs from Three Arrows Capital, a now-defunct crypto hedge fund.
• The deal, valued at hundreds of thousands of dollars, was negotiated with Sotheby’s, which previously earned $11 million from a 3AC bankruptcy auction.
• The collection’s ability to maintain its value over time was one of the main reasons behind the deal, as Pudgy Penguins have remained close to their all-time high price.

According Blockwork, An NFT-focused cryptocurrency fund called Spencer Ventures had plans to buy 144 Pudgy Penguin NFTs from the now-defunct crypto hedge fund Three Arrows Capital.

Acquisition of 144 Pudgy Penguin NFTs by Spencer Ventures

Spencer Ventures, a well-funded venture capital fund, is set to acquire 144 Pudgy Penguin NFTs from the art collection previously held by the now-defunct crypto hedge fund Three Arrows Capital (3AC). The deal, valued at hundreds of thousands of dollars, was negotiated with Sotheby’s, which had previously earned $11 million from a 3AC bankruptcy auction in June 2023.

Of the 144 Pudgy Penguin NFTs, 48 will be given to Spencer Ventures. These NFTs can be seen in the Sotheby’s wallet and one of them includes the extremely rare ice crown, which currently has a top offer on OpenSea of 6.6 wrapped ether, or almost $10,500.

In addition to the Pudgy Penguins, the purchase also includes 48 Pudgy Rods, a set of fishing rods that were first introduced as free-to-claim NFTs in August 2021, as well as an airdrop of 48 Lil’ Pudgys.

Negotiations between Spencer Ventures and Sotheby’s

One of the main reasons behind this deal was the collection’s ability to maintain its value over time. Gordon-Sand, a representative of Spencer Ventures, mentioned that unlike many other NFT projects, Pudgy Penguins have remained close to their all-time high price. According to CoinGecko data, although the collection is currently below its all-time high floor price of approximately 7.1 ether (ETH), its current floor price is just under 5 ETH.

Negotiations between Spencer Ventures and Sotheby’s began after the auction of 3AC’s assets on June 15, which generated $11 million for creditors. Gordon-Sand, who attended the auction, expressed interest in the Pudgy Penguins, leading to several months of intense negotiations before the signed agreement was reached a few weeks ago. The transfer of these valuable NFT assets from Sotheby’s to Spencer Ventures is scheduled for Tuesday.

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