- Three Arrows Capital (3AC) declared bankruptcy in July 2022.
- The crypto hedge fund’s investment vehicles were seized when it declared bankruptcy.
- Some of the seized NFTs are now listed in an auction.
Three Arrows Capital (3AC) investment vehicles came to a stall when it declared bankruptcy in 2022. The fiasco surrounding the crypto hedge fund, amplified by the Terra Labs and FTX debacle, led to one of the most chaotic years in the crypto sphere.
Now that the dust has settled with lesser contagions in the market, the capital firm’s investment vehicles are looking to move, this time to a new owner.
Sotheby’s, a famous auction house, is preparing to auction off the dysfunctional entity’s expansive list of NFTs soon.
On Wednesday, April 19, Sotheby’s notified users that it would host a multi-part sale featuring NFTs from the Grails collection. The collective was part of 3AC’s asset portfolio in 2021 and featured some of the rarest NFTs available in the market, including CryptoPunks, Fidenzas, and more.
The auction house looks to commence the collection’s first sale in May at the Sotheby’s marquee sale in New York.
The expansive portfolio includes the following art pieces:
- Larva Labs’ Zombie CryptoPunk #664
- Dmitri Cherniak’s Ringers #879 (also called “The Golden Goose”)
- Snowfro’s full spectrum Chromie Squiggle #1780
- Tyler Hobbs’ small-scale Fidenza #725
- Cube Archetype #397 by Kjetil Golid and a one-of-one by Alpha Centauri Kid.
Sotheby’s considered the artworks “some of the very best of the Contemporary Digital Art and Generative era.”
Michael Bouhanna, Sotheby’s Head of Digital Arts and NFTs, commented:
"This expansive collection marks an important moment in the rise of generative art on the blockchain in 2021, and was guided by the 3AC ethos of acquiring the some of the highest quality and rarest works available on the market. Since that defining moment, when digital art and NFTs became a genuine pop culture phenomenon, generative art has continued to gain attention from a growing audience, including from major international institutions.
On the Flipside
- 3AC Founders Su Zhu and Kyle Davies recently launched a crypto exchange while still on the run from authorities.
- Sotheby’s most expensive NFT sale was Pepenopoulos” from the Rare Pepe series, which netted them $3.65 million.
Why You Should Care
Many people incurred heavy losses when 3AC founders filed for bankruptcy in July 2022. The NFT sale could reimburse some of those losses.
Follow up on when 3AC moved its NFTs to a new wallet:
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