11M NFT sold by Sotheby’s at 3AC’s second sale

The auction house Sotheby’s proceeded to a new sale from NFT belonging to Three Arrows Capitalthe hedge fund crypto taken by Terra in 2022. Revenue: 10.9 million.

Last June, Three Arrows Capital was placed in liquidation. The hedge fund had already been in difficulty for several months, weakened by the collapse of the Terra ecosystem and its algorithmic stablecoin TerraUSD.

3AC did, however, hold multiple non-fungible tokens, NFTs, acquired in 2021, at the height of the crypto and digital asset boom. The house Sotheby’s is organizing a series of auctions in 2023 around these NFT.

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6.2 million for The Goose

On Thursday June 15, in New York, she proceeded to a new and second token sale belonging to Three Arrows Capital. The auction raised $10.9 million. One NFT in particular was expected on this occasion.

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Title Ringers #879 (The Goose) created by Canadian artist Dmitri Cherniak, the work in digital format was acquired at a price of 6.2 million dollars. 3AC purchased it in August 2021 for a price of around $5.9 million, according to data from DappRadar.

All other NFT of the 3AC collection did not appreciate in value. For these tokens, the fund had disbursed a total of $15.5 million in 2021. A sign of the profound loss in value of these tokens on the secondary market as a result of the crypto winter.

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Interest from native non-crypto collectors

We’re seeing growing interest, and more and more non-crypto or NFT collectors are beginning to understand the quality and value of these products,” however, tells Reuters Michael Bouhanna, head of digital art and NFT at Sotheby’s.

By contrast, the frenzy of 2021 and 2022 has died down. And this was hardly motivated by an interest in the artistic qualities of the works. In January 2022, the NFT market reached its peak with a sales volume of $5.7 billion.

Last month, the figure was $675 million, according to DappRadar. During the same period, Sotheby’s held its first sale of NFT by 3AC. The auction generated a profit of $2.5 million.

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