• Three Arrows Capital (3AC) declared bankruptcy in July 2022, leading to the seizure of its investment vehicles.
• Sotheby’s is now auctioning off some of the NFTs from 3AC’s asset portfolio, which includes rare CryptoPunks, Fidenzas, and more.
• The first sale in the multi-part auction will take place in May at Sotheby’s marquee sale in New York.
Three Arrows Capital Declares Bankruptcy
In July 2022, Three Arrows Capital (3AC) declared bankruptcy, resulting in the seizure of its investment vehicles. This caused one of the most chaotic years for the crypto sphere as it was amplified by the Terra Labs and FTX debacle.
Sotheby’s to Auction Off 3AC’s NFTs
Now that things have settled down with lesser contagions in the market, Sotheby’s has announced that they will be hosting a multi-part sale featuring NFTs from 3AC’s Grails collection. This expansive portfolio includes: 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; Autoglyphs Cube Archetype #397 by Kjetil Golid; and a one-of-one by Alpha Centauri Kid. Michael Bouhanna, Sotheby’s Head of Digital Arts and NFTs commented on this significant collection being sold at auction saying “This expansive collection marks an important moment in the rise of generative art on the blockchain.“
The first sale of this expansive portfolio is set to begin on May 19th during Sotheby’s Marquee Sale Week at their New York location. It is expected to attract many collectors who are looking to add rare digital artwork pieces to their collections.
What Are NFTs?
NFT stands for Non-Fungible Token, meaning that each piece is unique due to its cryptographic signature and blockchain technology making it different than any other token or coin out there that are usually interchangeable or fungible amongst themselves. These tokens can represent anything from physical assets such as real estate or works of art like paintings or sculptures all digitally stored on blockchain platforms like Ethereum and Cardano.
As digital art gains more traction over traditional forms of artwork such as painting and sculptures, we can expect many more auctions like this one from Sotheby’s coming around as people look to invest in these unique collectibles with great potential returns on investments further down the line if they hold onto them long enough.