Bankrupt Hedge Fund Three Arrows Capital Sells NFT Collection at $4.6M Loss in Sotheby’s Auction for $10.9M
In Brief
Bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) sold an NFT collection for $10.9 million at Sotheby’s auction in New York.
3AC had purchased the 37 NFTs for $15.5 million in cryptocurrency in 2021.
The collection titled “Grails: Property from an Iconic Digital Art Collection” featured notable artworks like “The Goose” (Ringers #879) and CryptoPunks.
An NFT collection previously acquired by the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) recently fetched $10.9 million in an auction at Sotheby’s in New York. The auction included 37 NFTs purchased by 3AC for $15.5 million worth of cryptocurrency in 2021. 3AC’s digital art collection on Sotheby’s was titled “Grails: Property from an Iconic Digital Art Collection.”
Among the sold artworks was Ringers #879, “The Goose,” a digital piece by Dmitri Cherniak, which was part of the digital portfolio assembled during the height of the NFT market. The co-founders of 3AC, Su Zhu and Kyle Davies, acquired “The Goose” for 1,800 ETH, equivalent to about $5.8 million at the time. The artwork consists of 1,000 computer-generated abstract images. The NFT sold for $6.2 million in Thursday’s auction that took place on June 15.
Other auctioned artworks from 3AC’s collection included CryptoPunks #291, #6574, and #8950, as well as Autoglyph #218 by Larva Labs. According to reports, the Punks were sold for approximately $75,000 to $90,000 each.
Dune Analytics data depicted last year that Three Arrows Capital owned $7.5 million worth of NFTs, including Bored and Mutant Apes, PEGZ, and Art Blocks. However, these NFTs were not included in the auction.
Following the downfall of cryptocurrencies Luna and TerraUSD, Singapore-based Three Arrows Capital became the first major crypto firm to declare bankruptcy in 2022.
Read more:
- Three Arrows Capital causes $270 Million loss for Blockchain.com
- Sotheby’s Launches its Curated NFT Marketplace
- FTX collapse: Metaverse and NFT projects at risk?
- Checking back on 3AC’s $3 billion mess
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
