Sotheby’s, a high-end auction house, made $2.5 million by selling non-fungible tokens (NFTs) from the crypto hedge fund Three Arrows Capital (3AC), which is no longer in business. Fidenza #725, a digital souvenir made by the artist Tyler Hobbs, was one of the sold pieces. During Sotheby’s Contemporary Day Sale, this Fidenza #725 NFT sold for over $1 million.
Sotheby’s makes $2.5 million from selling 3AC’s NFT Collection.
On May 19, 2023, a Sotheby’s auction showed that the NFT collection of Three Arrows Capital (3AC), a Singaporean crypto hedge fund that has since gone bankrupt, sold for $2.5 million. On Friday afternoon, Sotheby’s posted on Twitter that Tyler Hobbs’ Fidenza #725 NFT sold for $1,016,000, almost five times the highest estimate. In April, Sotheby’s first told people about the 3AC NFT sale, also known as the “Grails” NFT collection.
During the sale, the NFT Autoglyph #187 by Larva Labs got the second-highest bid of $571,500. Also, Crypto Punk #1326 from Larva Labs was sold for $165,000, and Ringers #194 went for $152,400. On June 15 in New York, Dmitri Cherniak’s Ringer #879, also called the “Golden Goose” or just the “Goose,” will be sold at a live sale. Sotheby’s also announced on Friday that @0xdeafbeef’s piece of on-chain art sold for “$241,300 in the Contemporary Day Sale.”
Kyle Davies, one of the people who started 3AC, posted on Twitter, “NFT grails mooning on Sothebys.” But because 3AC is said to have mismanaged investment money, Davies’ tweet was laughed at and criticized. One person reacted strongly to Davies’s comment, telling him to prioritize giving the affected people their money back. Notably, Davies and the co-founder of 3AC, Su Zhu, just released OPNX, a new market that lets claims from bankrupt crypto firms be traded.
