NFT: Auction for 3AC collection reaches $2.5M

Sotheby’s proceeded to the sale from 7 NFTincluding Fidenza, Autoglyph and CryptoPunk, of the collection of the bankrupt fund 3AC. The operation brought in nearly 2.5 million dollars.

The American auction house Sotheby’s organized on Friday a sale of NFT belonging to Three Arrows Capitala large crypto hedge fund that filed for bankruptcy in 2022.

Announced last month, “GRAILS” has so far brought in about $2.5 million. In total, 7 non-fungible tokens were offered for sale yesterday.

A token from the valuable Fidenza by Tyler Hobbs collection, Fidenza #725The book “Fidenza”, has found a buyer for a little over a million dollars. 3AC would have paid him at the time (2021) in the $350,000 range.

#AuctionUpdate: Impressive in its striking rhythm and movement, Tyler Hobb’s ‘Fidenza #725’ has just sold for $1,016,000, almost 5 times the high estimate. #SothebysGRAILShttps://t.co/6cWWdxm6H8 pic.twitter.com/XfFWge2fbd

– Sotheby’s Metaverse (@Sothebysverse) May 19, 2023

The sale also included NFT from other popular series, namely CryptoPunk, Autoglyph and Ringers. A second Fidenza (#861) was auctioned for $241,000.

Proceeds from the sale will be used for pay off creditors of the defunct Singaporean crypto-fund. The liquidators indicated that they would join forces with Sotheby’s in order to maximize the chances of selling the tokens at high prices.

The New York-based auction house is expected to hold additional sales as part of the deal GRAILS. Earlier this month, it announced the opening of “Sotheby’s Metaverse Marketplace”, a secondary market place for NFT “Art”.

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