As the anniversary of Three Arrows Capital’s (3AC) bankruptcy approaches, 7 of the crypto investment fund’s NFTs were auctioned by Sotheby’s on Friday. In total, this sale brought in $2,482,850.
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Sotheby’s Auctions Three Arrows Capital NFTs
It has been almost a year now since the investment fund Three Arrows Capital (3AC) went bankrupt following the collapse of Terra (LUNA) and several financial difficulties that had accumulated.
Among the fund’s holdings, there are in particular a large collection of non-fungible tokens (NFTs) named GRAILS. Last month, the auction house Sotheby’s announced that this collection was going to be put up for sale.
On the occasion of the announcement, Michael Bouhanna, Head of Digital Art and NFTs at Sotheby’s, highlighted the rarity of certain pieces collected by Three Arrows Capital:
“Collections are often representative of the time and place from which they were formed, telling a unique story through their works. This extensive collection marks an important moment in the rise of generative art on the blockchain in 2021, and has been guided by 3AC’s philosophy of acquiring some of the richest and rarest work available on the market. »
Thus, a first series of auctions closed on Friday. This saw the sale of 7 lots, which generated a total of $2,482,850.
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Details of the works
Interestingly, all of the works sold above their estimate, and the most representative example is Fidenza #275 by Tyler Hoobs. Indeed, this unique copy of a series of 999 units of this generative art collection was initially estimated in the range of 120,000 to 180,000 dollars, and the NFT eventually sold for over a million dollars.
This first batch also contained an Autoglyph from the Larva Labs studio, which sold for over $570,000. Furthermore, we can also note the presence of a CryptoPunk sold for $165,000while the collection’s floor price is just under $90,000 at the time of this writing.
Work
Artist/Studio Sale price (dollars) Fidenza #725 Tyler Hobbs 1,016,000 Autoglyph #187 Larva Labs 571,500 Fidenza #861 Tyler Hobbs 241,300 Series 1: Angular – Token 134 xDEAFBEED 241,300 CryptoPunk #1326 Larva Labs / Yuga Labs since 2022 165 100 Ringers #194 Dmitri Cherniak 152 400 Ringers #375 Dmitri Cherniak 95 250
Details of works sold at auction
Of course, cryptocurrencies were accepted as a means of payment for this auction. After the recent opening of its NFT markeplace, Sotheby’s demonstrates once again that the traditional players in the art world have indeed grasped the challenges of Web3 in their industry.
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Source: Sotheby’s
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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