- Collapsed in June 2022, Three Arrows Capital still owns a digital art collection.
- New buyers of “The Goose” revealed as crypto aficionados share their remakes.
- Three Arrows Capital estate aims to fine co-founder Kyle Davies $10,000 a day.
The famed generative art piece “The Goose” was sold for a colossal $6.2 million in Sotheby’s auction house. Previously, the Ringer #879 was officially sold to Three Arrows Capital (3AC), a now-bankrupt crypto hedge fund, for $5.66 million in Ethereum (ETH).
In April 2023, Sotheby’s auction house gave a fair warning that the art belonging to 3AC was going on auction soon. Scooping up slightly more than what the original sale to 3AC fetched, the $6.2 million worth generative piece by Ukrainian digital artist Dmitri Cherniak is going down in history as the second most expensive NFT art ever sold as physical.
Sotheby’s: It Went Better Than Expected
Interestingly, according to the estimates from the auction house, Cherniak’s Goose was evaluated to go for $2 to $3 million due to the general public’s faded interest in non-fungible tokens and the original price of $5.66 million paid by Three Arrows Capital (3AC) back in 2021.
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However, the new owner Punk6529 exceeded all expectations when he bought the commemorative crypto art piece for $6.2 million in Ethereum (ETH). Soon after, Crypto Twitter cheered the move and gave congratulations to the new owner.
Ultimately, Cherniak’s work proves that valuable art can be made with the help of blockchain technology. In this case, the generative art mechanism and the author’s creative skills resulted in a confluence of color patterns and figures, inspiring critically acclaimed digital artists like Beeple to create their own variations of “The Goose.”
On The Flipside
- Traders on Crypto Twitter are making fun of Sotheby’s defining the digital art piece as a part of “post-blockchain generative art.”
- On the same note, some NFT artists are sarcastically changing their Twitter bio descriptions to “Post-Blockchain Artist.”
Why This Matters
The appreciation in an exclusive art auction shows that art-worthy NFTs are still in demand by art collectors.
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